Australia’s independent oil and gas company MEO said the takeover offer by Mosman, which was not recommended by the MEO Board, has been unsuccessful.
According to a statement by MEO issued on Monday, the offer by Mosman to acquire all of the fully paid ordinary shares in MEO expired on 12th June 2015.
As of 5th June 2015, Mosman had received acceptances for only 2.047% of MEO shares.
“ The MEO Directors appreciate the support of the vast majority of MEO shareholders who rejected the Mosman offer ,” the statement said.
MEO will continue to focus on progressing its projects, business development opportunities and corporate initiatives with a view to realising the considerable upside that exists in the MEO portfolio, it added.
LNG World News Staff; Image: MEO