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Amerisur rejects ?210m offer from French rival Maurel & Prom

By Duncan Ferris

Date: Monday 22 Jul 2019

Amerisur rejects ?210m offer from French rival Maurel & Prom

(Sharecast News) - Amerisur Resources on Monday rejected a £210m offer from Etablissements Maurel & Prom SA after putting itself up for sale at the end of last week.
The oil and gas exploration and production company said its French competitor's offer at a price of 12.5 pence per share in cash and 4.5 pence per share in Maurel & Prom shares "materially undervalued" the group and was not at a level, nor in a form, that merited further consideration.

As it urged shareholders to reject the offer, which represents a 41.7% premium to Amerisur's share price of 12.0 pence on 17 July, the AIM-listed company said it had been in conversation with other interested parties.

A spokesperson for Amerisur said: "The purpose of the competitive formal sale process we launched on Friday is to maximise value for shareholders. As well as the offer from Maurel & Prom, we have had a number of additional expressions of interest in the company."

Maurel & Prom said that the enlarged group would offer significant value upside for both sets of shareholders and that it would seek a stock market listing later on the London Stock Exchange if it succeeded in acquiring Amerisur.

Amerisur Resources shares were up 6.02% at 17.51p at 0934 BST.

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