OG Oil & Gas has extended the closing date of its partial takeover of NZ Oil & Gas. Photo / File
OG Oil & Gas has extended the closing date of its partial takeover bid for New Zealand Oil & Gas by one month to December 9, while shareholder H&G has tendered its entire 9.2 per cent stake into the offer.
OGOG, the oil and gas division of Ofer Global, came
in with a 77 cents per share offer for no more than 70 per cent and at least a controlling stake and then sweetened the deal to 78 cents to fall within the valuation range, winning over NZOG's independent directors who unanimously backed the revised offer.
The offer is a 25 per cent premium to NZOG's closing price on August 9, the day prior to rival Zeta Energy lodging its intention to make a takeover offer. In September, Zeta Energy, a subsidiary of Zeta Resources, formally lodged its offer of 72 cents a share for a controlling stake. That offer did not meet the minimum acceptance condition and lapsed.
As of Wednesday, OGOG held 15.777 per cent of the company, including the H&G stake.
"We've tendered all our shares because we want this deal to succeed and we think 78 cents is a fair price," said David Cushing, managing director of H&G. Cushing had previously told BusinessDesk H&G would accept the OGOG offer.
