Hurricane Energy has launched a sale process after receiving an unsolicited offer from an unnamed bidder which its board considered too low.
The UK-based North Sea oil and gas producer released as statement explaining that it received an offer for the entire issued share capital of the company at an indicative price of 7.7 pence per share in cash.
This indicative offer was at a premium of only 13% compared to the mid-market closing price of 6.8 pence per share on 1 November, so directors concluded that it should not be recommended to shareholders.
