Cadogan says potential bidder has withdrawn

30th Jun 2010 12:52

A take-over looks off the cards for the moment at Cadogan Petroleum as the company confirmed that the bid approach it announced on 4 June has led to nothing.The company revealed on 4 June that an unnamed party had approached the board with a proposal to take a 51% stake in the oil and gas firm at a price of 16p per share.Since then the 29.12% stake in the company held by Weiss Asset Management has been sold to Shon Invest, a company that has backed Cadogan's strategy of developing its Ukrainian oil and gas assets.Weiss had wanted Cadogan to focus on resolving litigation with former management and suppliers, collecting up to $38.5m owed by Global Processing Systems LLC and realising value from Ukrainian assets. It also wanted costs reduced.

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