US oil firm Linn Energy is to up its offer for Berry Petroleum by a further £376million to more than £3billion.
Talks between the two companies over a takevover had been due to finish by October 31, but the firms – which announced the original bid in February – have now extended that until the end of January next year.
The increased price comes after shares in Linnco, the company set up for acquisitions which would issue shares to Berry stockholders, fell 10% this year while Berry’s price rose 26%.
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