Ophir Energy said its board of directors has reached an agreement with Salamander Energy in its takeover bid.
The transaction for the entire share capital of Salamander Energy means shareholders will be entitled to 0.5719 of new Ophir shares.
Following its completion, Salamander shareholders will own 20.9% of Ophir.
Ophir Energy said one non-executive director of Salamander will join its board of directors once the takeover is complete.
Last week it was announced Ophir Energy had made an indicative bid to acquire the company.
