Premier Oil said to have approached Faroe Petroleum regarding GBP 375m takeover bid
Premier Oil, an FTSE-250 oil exploration group, was said to have approached listed UK-based rival Faroe Petroleum regarding a takeover bid, The Times reported. The newspaper’s market report section mentioned talk that Premier has offered 140p per share for Faroe, representing a valuation of slightly less than GBP 375m (EUR 470m), but did not cite a source for the rumour.
Faroe Petroleum’s share price closed 4.5p up at 112p in London yesterday, 12 September, giving the company a market capitalisation of GBP 299m.
Source The Times