Rift Oil PLC (LSE: RIFT) announced it is recommending to be acquired by a unit of Talisman Energy Inc (TSX: TLM) which has tabled a 13 pence per share cash offer, valuing the group at £108 million.
The offer represents a 30 percent discount to Rift’s closing price on June 15 2009, being the last business day prior to this announcement, and a 39.1 percent discount to the average closing price over the 30 days to June 15.
Talisman Energy Holdings Ltd has received irrevocable undertakings to vote in favour of the acquisition in respect of a total of 268,564,851 Rift shares representing approximately 32.3 percent of the capital.
Rift Chairman Ian Gowrie-Smith said: “'The board of Rift Oil are pleased that years of investment and hard work have culminated in this offer for the company at a price that we believe suitably rewards shareholders. It is time for those with more significant resources to take over the challenge of development and commercialisation.”www.proactiveinvestors.co.uk
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