20th Feb 2023 14:04
(Alliance News) - Wentworth Resources PLC will not receive a sweetened takeover bid, despite a somewhat mixed response to an agreed offer from Etablissements Maurel & Prom SA.
Maurel & Prom on Monday said its 32.5 pence per share offer is final. Tanzania-focused natural gas production company Wentworth reached an agreement with Maurel & Prom for the GBP61.7 million offer back in December.
Wentworth shares were 0.9% lower at 29.24p each in London on Monday afternoon.
Earlier in February, Wentworth said advisors from an independent proxy advisory firm recommended that shareholders vote in favour of the takeover.
However, minority shareholder Fidelity International said it intends to vote against the deal. Fidelity owns around 12% of Wentworth.
Maurel & Prom, focused on the production of hydrocarbons, said its Wentworth bid is "full and fair and therefore... will not be increased".
By Eric Cunha, Alliance News news editor
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