Oz Far Gets Takeover Offer

Sydney-listed Far December 17 said it had received an all-cash takeover offer from a private investment fund, Remus Horizons.

Remus offered Australian cents 21/share, valuing Far at A$209.6mn (US$159mn). Far said that the offer was not legally binding and the terms are uncertain at this stage.

The private investor said the price represented a premium to the cash backing/share that would exist if Far was to complete the sale of its share in the Sangomar project in Senegal to Woodside, which pre-empted the earlier proposed sale to India’s ONGC.

In light of the offer, Far has decided to postpone its shareholder meeting from December 21 to January 21. “This will enable further time for Far and its shareholders to be able to obtain further information in relation to the proposal and assess the relative merits of the sale alternative and the proposal,” the company said.