24th Mar 2016 14:53
LONDON (Alliance News) - Ascent Resources PLC on Thursday said it has received a preliminary takeover approach from Cadogan Petroleum PLC.
Responding to an increase in its own share price, Ascent said the approach may or may not lead to an offer from Cadogan.
"The discussions are at an early stage and there can be no certainty that an offer will be made, nor as to the terms on which any offer might be made," Ascent said in a statement.
Under UK takeover rules, Cadogan has until 1700 London time on April 21 to either announce a firm intention to make an offer for Ascent or walk away.
Shares in Ascent more than doubled on the news to 2.49 pence on Thursday afternoon. Shares in Cadogan were down 2.0% at 9.68p.
By Samuel Agini; [email protected]; @samuelagini
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