New Zeland and Australia focused Mosman Oil & Gas has failed to takeover 100% of MEO Australia.
|Image of MEO's assets. From MEO.|
In a statement from MEO, the company said that Mosman’s offer, which was not recommended by the MEO board, was unsuccessful. As of 5 June, Mosman had received acceptances for only 2.047% of MEO shares.
Mosman first announced its intention to takeover MEO in December 2014. Mosman proposed to offer MEO shareholders 1 AIM traded fully paid ordinary share in Mosman for every 20 ASX listed fully paid ordinary shares in MEO to acquire the 100% of the share capital of MEO in a bid as soon as February 2015.
MEO quickly rejected the bid, and urged shareholders to do the same in January.
MEO has a portfolio of exploration, appraisal and development stage opportunities on the North West Shelf, the Ashmore Cartier and the Timor Sea regions in Australia and onshore New Zealand.
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