O.G. Oil & Gas Ltd’s Singapore unit intends to buy a 65.7 percent stake in New Zealand Oil & Gas Ltd, it said in a notice on Sunday.
New Zealand Oil & Gas already had a partial offer from rival Zeta Energy Pte Ltd, which the board had urged shareholders to reject.
O.G. proposed payment of NZ$0.77 ($0.55) per share of New Zealand Oil & Gas, valuing the company at NZ$80.7 million ($58.21 million). The board said in a Sept. 15 statement that an informal proposal from O.G. appeared to be the superior offer.
Source: Reuters.com