Haemoor contemplating Regal Petroleum bid

Haemoor says that it is contemplating make a higher cash offer for Regal Petroleum than the recommended 24.0p cash takeover bid tabled by Energees Investments today.

The Company,which is incorporated in Cyprus and controlled by Victor Pinchuk, states that together with Geo Alliance,it is considering its options with an aim to deliver a more attractive value proposition for Regal's current shareholders in terms of a cash offer as well as alternatively an offer of preserving shareholder value which can be achieved through Regal's combination with Geo Alliance.

Anticipating a higher takevoer bid from Haemoor, Regal Petroleum's share price moved up 1.0p to 25.25p - a rise of 4.12%.

Story provided by StockMarketWire.com

13/12/2010