FAR Limited receives non-binding indicative proposal from Lukoil
FAR Limited has received a conditional non-binding indicative proposal from Lukoil to acquire 100% of the shares of FAR at A2.2c cash per share. The Lukoil Proposal values FAR at A$220 million.
FAR cautions that the Lukoil Proposal is not a legally binding offer, it is subject to targeted and timely corporate due diligence on FAR, it is subject to final Lukoil board approval, and that there is no certainty that the Lukoil Proposal will necessarily eventuate. Accordingly, care needs to be used in assessing the Lukoil Proposal.
Lukoil has stated that the price proposed by it represents a higher value for FAR shareholders than both the proposed sale of the RSSD project to Woodside Energy (Senegal) and the incomplete proposal from Remus Horizons. FAR has not received a binding offer from Remus.
Lukoil has stated that the Lukoil Proposal will be funded from available internal cash reserves and that any formal binding offer would not include any financing conditions.
Lukoil has stated that the Lukoil proposal is conditional (amongst other things) on:
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