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Monday, February 16, 2015
The potential deal between Nigerian indigenous firm Seplat and London-based Afren is now a no-go. According to a release from Seplat,Afren decided against agreeing to its request for a timetable extension. The Nigerian firm went on to say that in light of Afren’s decision, it does not intend to make an offer for Afren and its announcement of the fact was made without Afren’s consent.
Seplat had completed extensive due diligence on Afren and made a written proposal to the Board of Afren that provided critical and significant near-term liquidity and value for its stakeholders.
In light of Afren’s decision, Seplat confirms that it does not intend to make an offer for Afren. This announcement was made without Afren’s consent.
While the merger is a no-go for now, Seplat may change its mind in the future and make an offer within the next six months under the circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on Takeovers and Mergers of the LSE.
As reported previously Afren’s shares have tanked, making it ripe for takeover. The Seplat announcement was released on the afternoon of February 13;Afren’s shares closed at £7.28. We will have to wait until the closing bell on February 16 to see if the announcement affected Afren’s stock price.
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