Regal Petroleum has received an improved takeover offer from Ukrainian conglomerate, Energees Investments, Financial Times reports. The bid has been submitted in an attempt to counter the interest of Ukrainian resource magnate, Victor Pinchuk.

The bid vehicle, controlled by Smart Holding, has offered 38 pence per share in an offer to acquire a 70% stake in the oil producer. The revised offer values Regal at £121.8 million.

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