Drilling giant Seadrill’s bid to buy all available shares in Sevan has fallen short after acquiring just 0.01% more of the company.
Seadrill had already bought a 50.1% stake in the company earlier this year, before announcing its intention to buy up all remaining shares.
But after senior board members said they would not accept the offer made by Seadrill for their shares, other stakeholders followed suit.
In a filing to the Norwegian stock market today, the company said it had received acceptances totalling 47,394 shares – just 0.01% of all the issued shares.
“In accordance with the terms and conditions set out in the offer document, settlement according to the offer will take place as soon as reasonably possible and no later than on September 5, 2013,” Seadrill said in a statement.
It represents a blow to John Fredriksen’s efforts to take complete control of the rival firm, following a statement earlier this month from deputy chairman Kristian Johansen and director Benedicte Shilbred Fasmer urging shareholders to reject the 3.95 krone per share offer.
Seadrill had launched their takeover bid in June after Sevan agreed terms on a $1.45billion bank facility and bond issue to fund and launch two ultra-deepwater drilling units.