Tap Oil major shareholder Risco Energy Investments has increased its takeover offer for the oil and gas company to $38.7 million on the back of BDO's independent expert valuation.
Tap Oil has urged shareholders to reject a $29.8 million takeover bid from major shareholder Risco Energy Investments, after independent expert BDO valued the company well above the offer price.
The board of Tap Oil has recommended shareholders reject a $29.8 million takeover from major shareholder Risco Energy Investments, saying the proposal is opportunistic and undervalues the company.
After overhauling Tap Oil's board earlier this year, major shareholder Risco Energy Investments has made a $29.8 million takeover offer for the Perth-based oil and gas company.
Tap Oil has announced the resignation of four of the company's directors, including executive chairman James Menzies and Peter Mansell, with two nominations from major shareholder Risco Energy Investments appointed as replacements.
The Takeovers Panel has rejected an application by Tap Oil claiming its two biggest shareholders had become associated, with the panel refusing to make a declaration of unacceptable circumstances.
Tap Oil has submitted an application to the Takeovers Panel requesting the disclosure of details surrounding major shareholders Risco Energy Investments and Chatchai Yenbamroong, and for the pair to be restrained from voting at the company's annual meeting.
Tap Oil major shareholder Risco Energy Investments has notified the company of its intention to overhaul the company's board at the next planned annual meeting in February.
Tap Oil says it expects to resolve outstanding disputes with a dissident shareholder after announcing a major restructure that will see the current chairman retire and three new directors join the board.
Troy Hayden will step down from the helm of Tap Oil as the company swings the axe on jobs and operations so it can meet its now-restructured debt repayment obligations.
Nido Petroleum has launched a $US108 million ($130 million) bid for Otto Energy's share of the Galoc oil field, coming in ahead of a recent proposal by Risco Energy International.
It has been a tough quarter for dealmakers as commodity and share prices slump but some players see promise in the market shake-out. This Special Report includes a fully updated database with 146 deals for the quarter and an updated stockbrokers list.
