Parkmead rules out higher offer for Lochard
North Sea oil firm Parkmead today said that its £14.5 million bid for rival Lochard Energy was final and it would not be raising its offer price.
The Aberdeen-based firm said its approach “reflects fully the value of Lochard” and shareholders owning about 41.4 per cent of its target have told it they will vote in favour of the deal.
A group of Lochard investors opposed to the bid said earlier this month that they represented shareholders owning just over 25 per cent of the company.
Parkmead, headed by chief executive Tom Cross, said its offer has been recommended by Lochard’s directors, “who believe that the terms of the acquisition are in the best interests of Lochard Energy and the Lochard Energy shareholders, as a whole”.