Upland Resources has reached an agreement with the U.K.’s Takeover Panel executive to terminate the offer period related to SEC Capital’s offer for Upland. The London-listed oil-and-gas company announced late Friday that it had received information that raised significant doubts about the credibility of a very preliminary approach regarding a possible offer for the company.
Upland revealed that it had received communication from William G. Bollinger, co-founder of Egerton Capital, who clarified that he has no connection to the approach or any entity known as SEC Capital. This communication led Upland to cast doubts on the legitimacy of the offer.
Earlier this week, Upland received a £154.2 million ($187 million) takeover approach from SEC Capital, which was promptly rejected as it significantly undervalued the company’s potential.
“The Upland board is now fully committed to advancing our activities in Sarawak, especially the completion of the joint technical study on Block SK334. Our focus now lies on finalizing our work program, which paves the way for the next phase of development,” stated Chairman Bolhassan Di.
