Medco Energi, an Indonesian oil and gas company, agreed acquire the entire issued and to be issued ordinary share capital of Ophir, an oil and gas exploration and production company. Ophir shareholders will be entitled to receive $0.7 for each Ophir share, which represents a premium of c. 73.2% to the closing price of $0.4 per Ophir share on 28 December 2018. The acquisition values the entire issued and to be issued share capital of Ophir at c. $501m. Ophir rejected Medco’s $437m potential buyout offer based on $0.6 per share saying it undervalued the company. "Medco is pleased to have reached agreement to acquire Ophir and its portfolio of high quality oil and gas assets. The enhanced scale, diversification and growth opportunities of this acquisition would create benefits for employees, partners and host countries, and further strengthens Medco's position as a leading independent oil and gas player in Southeast Asia. In Medco's view, the combined business will hold a more balanced regional portfolio of producing and development assets, better able to withstand macroeconomic volatility, and will have meaningful production and cash flows to improve Medco's credit position and the ongoing development of the portfolio. Medco believes that the compelling strategic and financial logic of this transaction will create value for shareholders, employees and other stakeholders while offering an attractive upfront premium for Ophir," Roberto Lorato, Medco Director and Chief Executive Officer.