Regal Petroleum Gets Takeover Bids

Regal Petroleum has received an unofficial takeover offer from Victor Pinchuk.

Regal Petroleum has received an unofficial takeover offer from Victor Pinchuk, Financial Times reports. Heamoor and Geo-Alliance Oil-Gas, owned by Pinchuk, have offered 25 pence a share to Regal. Regal has also received an official cash offer of 24 pence a share from Energees Management, valuing the company at £77 million. The Energees offer is open until Jan. 24, 2011, adds Reuters. Heamoor and Geo-Alliance may make a firm offer for Regal by Feb. 10, 2011.

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