Offshore staff
MELBOURNE, Australia – Samuel Terry Asset Management has launched a takeover offer for Australian E&P independent FAR.
The bidder, which presently owns 4.9% of FAR, aims to increase its interest to at least 50.1% via an offer price of $0.45 per share.
In response, FAR said it would consider the offer and advise shareholders of its recommendation in due course. The takeover bid, it added, recognizes that the shares are undervalued in regard to cash backing and the receipt of a $55-million contingent payment from Woodside on the sale of its interest in the RSSD project offshore Senegal, along with its existing oil and gas interests.
The company has appointed Baker McKenzie as legal advisors in relation to the bid.
01/31/2022
