A takeover by Sunny Hill for exploration firm Petroceltic has come to a close
A potential takeover by Sunny Hill a company owned by Petroceltic’s biggest shareholder Worldview has come to a close after the timing for acceptance on the £6.4m bid lapsed.
Last month, Petroceltic had called on its shareholders to accept the offer at a price of 3 pence per share.
But in a statement Sunny Hill said the deal had not been finalised in time to meet Irish takeover rules and had now been withdrawn.
Sunny Hill said that as of 1pm on Wednesday it had received valid acceptances of the offer in respect of 82,329,157 Petroceltic shares, equivalent to 38.5 per cent of Petroceltic’s issued share capital.
“As valid acceptances of the offer, representing only approximately 54.6 per cent of the Petroceltic shares affected were received by the closing date and time, the acceptance condition has not been satisfied and the offer has lapsed,” Sunny Hill said in a statement on Friday.
The firm had previously rejected the bid from activist shareholder Worldview Capital after saying the deal undervalued the group.
Earlier this month, the High Court confirmed examinership for Petroceltic and two related companies.