New Zealand Oil & Gas Gets Takeover Bid

New Zealand Oil & Gas (NZOG) has received a takeover bid from Singaporean OG Oil & Gas to acquire 67.55% of each class of the shares in NZOG it does not already hold or control, for NZ$0.77/share (US$0.56/share), NZOG said September 18.

If successful, the proposed offer would result in OG Oil & Gas holding or controlling up to 70%, but in any case more than 50%, of the voting rights in NZOG.

NZOG board has formed an independent response committee to oversee its response. The committee has declined to comment on the issue but has recommended NZOG shareholders not to take any action in relation to the takeover notice. NZOG already has a takeover offer from Zeta Energy, which the company board has also recommended the shareholders to reject.

NZOG is NSX listed company active in Australia, New Zealand and Indonesia.

Shardul Sharma