Regal agrees Energees bid

10th Feb 2011 17:35

Troubled oil explorer Regal Petroleum seems set to be taken over by Energees Investments after a second possible bidder dropped out.Geo-Alliance and Heamoor Limited decided not to make an offer for Regal just hours before a Takeover Panel put up or shut up deadline. "The boards of Geo-Alliance and Heamoor continue to believe that a combination of Regal and Geo-Alliance via a reverse takeover structure, based on a fundamental analysis of the two companies," it said.Their departure leaves the way clear for Energees' 38p share partial offer. It has secured irrevocable acceptances from 14.54% of Regal's shareholders. Energees is controlled by the Ukrainian conglomerate Smart Holding. It initially bid 24p per share for Regal in December.