takeover – DRILL OR DROP?

Reabold takeover fails

Reabold Resources has announced its takeover offer for Union Jack Oil has lapsed.

The new board of Union Jack Oil has repeated its recommendation to shareholders to reject the takeover bid by Reabold Resources.

Reabold Resources has hit back at doubts over plans to frack at West Newton in East Yorkshire made by the partner it is seeking to acquire.

New directors of Union Jack Oil have unanimously rejected the takeover offer by Reabold Resources.

New directors of Union Jack Oil will give their views next week on the proposed takeover by Reabold Resources, according to a statement to investors.

Rathlin Energy, the company planning lower-volume fracking in East Yorkshire, has appointed a new board member from its majority owner.

Union Jack, which has interests at Wressle and West Newton, has recommended shareholders vote against a proposal to remove the board.

Shareholders opposed to the takeover of Union Jack Oil are seeking a general meeting to remove three directors from the board.

Reabold Resources announced this afternoon it had reached agreement on the takeover of Union Jack Oil.

Reabold Resources has offered to buy Union Jack Oil, both companies confirmed this morning.