Dragon Oil no longer intends to make an offer for Petroceltic
No intention to make an offer statement under Rule 2.8 of the Irish Takeover Rules in respect of Petroceltic International plc (“Petroceltic”)
The Board of Dragon Oil plc (“Dragon Oil”) announced on 6 October 2014 that it had noted the announcement by the Board of Petroceltic to the effect that it was in detailed discussions with Dragon Oil with respect to a possible offer for Petroceltic and confirmed that it was in detailed discussions regarding such a possible offer to be made for the issued, and to be issued, share capital of Petroceltic at a price of 230 pence sterling per share in cash.
Dragon Oil now confirms that, in the light of prevailing market conditions, it no longer intends to make an offer for Petroceltic and accordingly, as a result of this announcement, is bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. Dragon Oil reserves the right to set aside this statement within 12 months after the date of this announcement in the circumstances set out in Rule 2.8(c)(ii) of the Irish Takeover Rules, including paragraph (4) of Rule 2.8(c)(ii).
Source: Dragon Oil