Brit oil explorer Regal accepts £120m foreign offer
British oil explorer Regal Petroleum is set to fall into foreign hands after accepting an offer valuing it at £120m.
Ukrainian firm Energees raised its bid from 24p a share to 38p, meaning it will pay £85m for a 70pc stake.
It trumped a 25p-a-share offer from Cypriot financing firm Haemoor and Ukrainian oil explorer Geo-Alliance.
Good value: It trumped a 25p-a-share offer from Cypriot financing firm Haemoor and Ukrainian oil explorer Geo-Alliance
Regal shares were suspended last month at 31.25p.
Chairman Keith Henry said it was a good deal for shareholders ‘against a background of operational, legal and funding challenges faced by the company’.
Energees is part of Ukrainian firm Smart Holding Group, with interests in Metinvest, the country’s largest steelmaker.
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