LONDON (Reuters) - Oil explorer Rockhopper (L:RKH) said on Tuesday it had made a takeover offer for rival Falkland Oil and Gas (FOGL) (L:FOGL) which values the latter at 57.1 million pounds.
The takeover, which will involve FOGL's chief executive and chairman joining the Rockhopper board as non-executive directors, will merge the companies' exploration campaigns in the Falkland Islands, they said in a joint statement.
As part of the deal, Rockhopper will seek approval from shareholders to issue nearly 160 million new Rockhopper shares at a general meeting on or around Dec. 14, the companies said.