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.
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.
