Irish-headquartered San Leon Energy has received a conditional offer to buy all of the shares in the company.
The bid came from China Great United Petroleum, which signed a non-disclosure agreement last month to allow them to discuss the company’s assets.
In a statement San Leon said that China Great United had proposed an indicative purchase price of between 67p and 76p per share – well above yesterday’s high of 42p.
It added that the offer is conditional on it completing final due diligence, and a formal offer is expected in the next 45 days.
This is not the first time that San Leon has been subject to a takeover bid from a Chinese firm.
Last year Chinese firm Geron made a $485 million offer for the company.
Recommended for you
