13th Jan 2015 09:01
LONDON (Alliance News) - Sound Oil PLC on Tuesday said it has pulled out of a bid to buy Canadian-based oil and gas exploration company Antrim Energy Inc.
Sound Oil in November said it was planning to launch a hostile takeover bid for Antrim, which it was seeking to acquire in an all-share deal. Under the terms of the offer, Antrim shareholders would have received 0.3198 Sound shares for each Antrim share they hold. The deal valued Antrim shares at 3.44 pence per share and the company at GBP6.4 million.
Sound said it would withdraw its bid for Antrim following the continued fall in the oil price and the resulting decrease in the global appetite for deep-water exploration.
Sound Oil shares were up 0.5% to 10.425 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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