Lukoil decides not to proceed with FAR takeover
FAR Limited refers to previous announcements, including its 17 February 2021 announcement that it had received a conditional non-binding indicative proposal from PJSC Lukoil to acquire the shares of FAR at 2.2c cash per share.
FAR had cautioned that the Lukoil Proposal was not a legally binding offer, was subject to targeted and timely corporate due diligence on FAR, was subject to final Lukoil board approval, and that there was no certainty that the Lukoil Proposal would necessarily eventuate. Accordingly, care needed to be used in assessing the Lukoil Proposal.
FAR has been advised by Lukoil that the Lukoil Proposal is not proceeding to a legally binding offer.
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