An all cash offer by Sunny Hill Limited, a company wholly owned by the Worldview Economic Recovery Fund, to acquire the entire issued and to be issued share capital of Petroceltic International plc has lapsed due to insufficient support.
The offer, which required acceptance from 90 percent of the shares not already owned by Worldview by Apr. 14, received acceptance from 54.6 percent of the shares by the closing date. As a result, the proposed takeover will not take place.
Sunny Hill initially made the offer to acquire Petroceltic, at a price of GBP 0.03 ($0.04) per share, March 24.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.