Mosman Oil & Gas says MEO takeover could still happen

New Zealand and Australia-focused explorer Mosman Oil & Gas is holding out hopes that a takeover bid for rival group MEO will still succeed despite the latter's decision to reject it.

Mosman Oil and Gas Limited (DI)

0.04p

15:34 15/11/24

-1.99%

0.00p

Oil & Gas Producers

8,043.72

15:45 15/11/24

1.32%

105.17

Mosman announced last week that it was offering one of its shares for every 20 ASX-listed fully paid ordinary shares in MEO to acquire 100% of the share capital of MEO.

MEO bosses on Monday rebuffed the bid, saying it was inferior to another takeover proposal for the company made by Neon Energy on 5 November.

But Mosman's executive chairman John Barr said: "The Mosman directors believe there's a strong possibility that the proposed merger between MEO and Neon will not occur and that the takeover bid affords the MEO shareholders a viable alternative."

Shares in Mosman rose 0.38p or 2.3% to 16.75p at 14:58 in London.