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.