Another potential suitor for Deltic

Another potential suitor for Deltic

Deltic Energy has received another proposal regarding a possible all-share offer, a month after fending off an approach by Reabold Resources plc, which the board of Deltic felt undervalued the company (see Deltic unequivocally rejects Reabold).

The latest approach comes from AIM-listed Independent Oil & Gas plc (IOG), who announced on 11 September that it is considering a possible all-share offer for the entire issued and to be issued share capital of Deltic, in light of recent movement in the share price of Deltic’. Since Reabold rescinded its bid, Deltic saw its share price increase 31.4% (as of 10 September 2020, being the last day before the announcement). This spike followed the announcement of Deltic’s

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