Petroleum Africa
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Monday, March 21, 2011
Dual listed Heritage Oil, trading both the TSX and LSE, has reportedly rejected a $1.9 billion takeover bid. The firm was offered 425 pence per share by an unnamed company out of Abu Dhabi.
While the bid was rejected Heritage’s shares rose 6.9% The bid was a premium on the company’s recent trading numbers of in he 309.8 pence range, but lower than the stock was trading for in January prior to the announcement that its Miran West was gas prone, not oil prone. Since the Miran West announcement the stock has been sliding down.
Arbuthnot Securities analyst Dougie Youngson was quoted in a Reuters report “Heritage has had a pretty bad run since the announcement that the Miran West field is gas rather than oil,” he said. “I think the sell-off is arguably overdone. Whenever a company has been hit to the extent that Heritage has been hit recently then the perception of cheapness makes them look attractive.”
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