Indonesia’s Medco to buy Ophir for £390 million
Indonesian oil and gas group Medco said on the 30th January it will buy Ophir Energy for a sweetened bid of £390.6 million in cash, as it looks to strengthen its portfolio of assets in South-east Asia.
The deal comes after Ophir rejected Medco’s $437 million, or 48.5 pence per share, potential buyout offer earlier this month, saying it undervalued the company.
Ophir plans to recommend that shareholders vote in favour of the deal, which it considers ‘fair and reasonable’.
Source: Energy-pedia