Mergers & Acquisitions
Ophir Energy rejected Indonesian oil and gas group Medco Energi's potential takeover offer, saying it "undervalues" the British oil and gas company.
Medco said shareholders of Ophir, an upstream oil and gas exploration and production company focused on Asia and Africa, would receive 48.5 pence in cash for each Ophir share.
Norwegian oil company DNO raised its bid for Britain's Faroe Petroleum after its hostile bid in November as inadequate and "opportunistic."
Canyon Capital Advisors has warned it would vote against the sale of Rowan to rival Ensco, casting doubt on a combination that had signaled optimism about the future of offshore exploration.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
DNO's combined ownership and bid acceptances now stands at 43.8%, up from about 43% but still short of a controlling stake in British independent oil and gas company Faroe Petroleum.
Publicly held E&Ps are settling in for a long cold spell, lest they be burned. Forego deals for fear of shareholder reprisal? Or press ahead despite market backlash?
DNO had previously required the backing of 57.5% of Faroe shareholders for the takeover offer, but that fell to 50% after DNO lifted its stake in the U.K. company slightly on Jan. 3.
Medco confirmed this week that it was in talks with Ophir about a possible cash offer for the oil and gas exploration and production company currently based in Britain.
Overall, 2018 was the Year of Consolidation as several E&Ps agreed to merge throughout the U.S., including inside and outside the prolific Permian Basin.