Announced
Financials
Tags
Single Bidder
Majority
United Kingdom
Integrated Oil and Gas
oil and gas
Acquisition
Friendly
Merger
Public
Cross Border
Failed
Synopsis
Tenaz Energy, a public energy company, failed to merge with SDX Energy, a London-listed oil producer, in a $27m deal. "Although a Takeover Offer may have resulted in the tendering of a majority of SDX shares, this outcome would not have achieved our strategic objectives for the combination. Among other factors, our assessment is that Tenaz's ownership of a simple majority of shares, rather than owning SDX in its entirety, would result in the following disadvantages as compared to our original plan," SDX Energy.
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