Gulf Oil and Gas accountACCOUNT

Afren Terminates Discussions with SEPLAT Petroleum

Source: www.gulfoilandgas.com 2/13/2015, Location: Africa

Share |
On 22 December 2014, Afren plc had received a highly preliminary approach from SEPLAT Petroleum Development Company plc ("Seplat") regarding a possible combination with Afren.

In accordance with Rule 2.6(a) of the UK Takeover Code (the “Code”), and further to Afren’s announcement on 30 January 2015, Seplat was required, by not later than 5.00 p.m. on 13 February 2015 (the “Deadline”), to either announce a firm intention to make an offer for Afren under Rule 2.7 of the Code or announce that it does not intend to make an offer for Afren, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Seplat has requested an extension to the Deadline.

The Board has not received any proposal from Seplat that it believes is capable of being implemented on terms satisfactory to all relevant stakeholders in the Company, including the indicated value being significantly below the aggregate value of the debt of the Company.

Accordingly, the Board has concluded that continuing discussions with Seplat is not in the best interests of the Company’s stakeholders and will not agree to Seplat’s request for an extension of the Deadline. This announcement is made without Seplat’s consent.

The Company is continuing discussions with the advisers to the ad hoc committee of its largest bond holders regarding the immediate liquidity and funding needs of the business. The Company is also having discussions with its existing stakeholders and new third party investors regarding recapitalising the Company.

Mergers and Acquisitions News in Nigeria >>

China >>  12/8/2017 - On December 6 2017, MAN Diesel & Turbo signed a Framework Agreement for Technical Cooperation with the China Classification Society (CCS) during Marin...
Denmark >>  12/7/2017 - DEA Finance SA announces that LetterOne, the shareholder of the DEA Group, has confirmed it has signed a Letter of Intent with BASF to combine the par...

Azerbaijan >>  12/5/2017 - Petrofac’s Training Services business and the State Oil Company of the Republic of Azerbaijan (SOCAR) have signed a Shareholders Agreement to form a J...
United States >>  12/4/2017 - Emerson has completed the purchase of Paradigm®, a leading provider of software solutions to the oil and gas industry. ...

Brazil >>  11/30/2017 - BP Biofuels and Copersucar announced that they have agreed to form a joint venture to own and operate a major ethanol storage terminal in Brazil, bett...
Malaysia >>  11/29/2017 - Description Consortium Agreement with Brooke Dockyard and Engineering Works Corporation and Samling Energy Sdn Bhd ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in Nigeria >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.