Shares in Salamander Energy fell by 6.4 per cent yesterday, after Spanish firm Cepsa revealed that it had not given consent for the terms of its proposed offer to be announced.
Salamander last week stated that it had received an offer from a consortium headed by Cepsa which would entitle shareholders to receive 121p per share and one contingent value right, under which shareholders could receive up to 24p in cash. Its shares shot up by 15 per cent after the announcement.
However, according to yesterday’s statement from Cepsa, the consortium is still considering its position regarding a possible offer for the company and the terms and conditions of any such offer, including any pre-conditions to making any such offer.
The firm added: “The Cepsa consortium may decide not to proceed with an offer and, accordingly, there can be no certainty that an offer may be forthcoming.”
Asia-focused Salamander has also received a conditional proposal from Ophir Energy.