Al Mirqab Capital SPC, a company controlled by Qatar’s royal family, offered to buy Heritage Oil Plc for 924 million pounds ($1.5 billion) in cash.
The 320 pence a share offer, recommended by Heritage’s board, is a 25% premium to yesterday’s closing price, Heritage said in a statement today.
Heritage holds stakes in oil fields in Nigeria. The company’s chief executive officer, Tony Buckingham, will retain a 20% holding in the company and serve as adviser for at least five years.