Saturday, January 25, 2020

Ophir Agrees to Be Bought by Medco for $511 Mln

January 30, 2019

Alpha and Beta platforms on Bualuang Field, Thailand (Photo: Ophir Energy)

Ophir Energy Plc said on Wednesday it has agreed to be bought out by Indonesian oil and gas group Medco for a sweetened bid of 390.6 million pounds ($511.02 million) in cash.

The offer of 55 pence per Ophir share represents a 65.7 percent premium to Ophir's closing price on Dec. 28, the last trading day before Medco first announced a possible offer for the London-listed company.

($1 = 0.7644 pounds)

(Reporting by Arathy S Nair in Bengaluru; Editing by Shounak Dasgupta)

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