Energy Rockhopper makes takeover offer for Falkland Oil and Gas

Rockhopper makes takeover offer for Falkland Oil and Gas

Rockhopper Exploration.
Rockhopper Exploration.

Oil explorer Rockhopper (RKH.L) said on Tuesday it had made a takeover offer for rival Falkland Oil and Gas (FOGL) (FOGL.L) which values the latter at 57.1 million pounds.

The takeover, which will involve FOGL’s chief executive and chairman joining the Rockhopper board as non-executive directors, will merge the companies’ exploration campaigns in the Falkland Islands, they said in a joint statement.

As part of the deal, Rockhopper will seek approval from shareholders to issue nearly 160 million new Rockhopper shares at a general meeting on or around Dec. 14, the companies said.