US-based Magellan Petroleum Corporation is moving to compulsorily acquire the shares in Magellan ...
Magellan Petroleum Corporation has received acceptances for more than 90% of the ordinary shares in MPAL under its offer, which closed on Friday, May 12.
It has now sent letters to remaining MPAL shareholders notifying them that it intends to effect compulsory acquisition of their outstanding ordinary shares.
The acquisition will occur on the same terms as those offered under the recent offer, which offered 7.5 Magellan Petroleum Corporation shares for every 10 MPAL shares.
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