SCOTTISH oil and gas operator Bowleven saw its share plunge yesterday after it said its potential suitor had revised its indicative cash offer of 150p a share announced on March 18 down to 100p.
It said this week that the suitor was making financial checks on it after a takeover approach and believed the potential offer was a step closer to a firm bid.
The Edinburgh company, which is focused on west Africa, said the revised possible offer had received the necessary approval from the offeror’s board of directors.
It said in a statement: “The board of directors of Bowleven is not aware of any reason, whether arising from the due diligence or otherwise, that would explain the difference between the offer price approved by the potential offeror’s board and the indicative offer price which was contained in the original approach.
“The board of directors of Bowleven is currently considering the possible offer in consultation with certain major shareholders and a further update will be provided in due course.”
Bowleven shares ended down 26.75p or almost 24% at 85p.