Oil and gas company Neon Energy has reversed its decision to accept Evoworld Corporation's takeover proposal, after an independent expert's report found the deal to be unfair.
Neon Energy has backed out of a merger agreement with MEO Australia after Evoworld Corporation agreed to make a revised off-market takeover offer for 50 per cent of the shares it doesn't already own in the oil and gas producer.
Oil and gas producer Neon Energy has said the result of its recent shareholder meeting gives it a mandate to pursue a merger with Melbourne-based MEO, despite receiving renewed notice that key shareholder Evoworld Corporation will call a meeting to remove directors.
Neon Energy may be leaving its Perth headquarters after entering into a merger implementation agreement with MEO Australia, which would create a combined entity based in Melbourne.
