OGOG declares partial NZOG takeover unconditional
By Paul McBeth
Jan. 11 (BusinessDesk) - OG Oil & Gas has declared its partial takeover for New Zealand Oil & Gas unconditional, having achieved more than enough support to take control of the NZX-listed energy explorer and producer.
The Ofer Global unit today waived the outstanding conditions of its takeover offer, declaring the bid unconditional. Earlier this week a notice to the stock exchange showed the level of acceptances crossed OGOG's upper limit, meaning the offer will be scaled to cap the stake at 70 percent.
Chief executive Alastair McGregor said payment and the acquisition of shares will take place on or before Jan. 19.
OGOG offered 78 cents per share to secure a controlling stake in the New Zealand firm, trumping a rival bid by Zeta Resources, saying it wanted to preserve NZOG's exploration opportunities, especially the Barque prospect off the Canterbury coast.
The shares recently traded at 71 cents, up from the 62.5 cents before the first of the takeover bids emerged.