LONDON - Tullow Oil (LON:TLW) PLC, an independent oil and gas exploration company, has confirmed that it is engaged in preliminary discussions with Kosmos Energy Ltd (NYSE:KOS) regarding a potential all-share takeover bid. This confirmation comes in response to recent media speculation about the possible offer.
The company has emphasized that there is no certainty that any offer will be made, nor as to the terms of any potential offer. Investors are advised that these discussions are at an early stage, and further announcements will be made as appropriate.
Under the rules of the City Code on Takeovers and Mergers, Kosmos Energy has until 5.00 p.m. London time on January 9, 2025, to either announce a firm intention to make an offer or to declare that it does not intend to pursue the acquisition of Tullow. This deadline may be extended with the permission of the Panel on Takeovers and Mergers.
The statement released by Tullow Oil PLC today is made without the consent of Kosmos Energy and contains inside information regarding the potential transaction. The news of these preliminary discussions may have implications for the stock performance of both companies, although the outcome remains uncertain at this time.
As the situation develops, stakeholders of Tullow Oil PLC and Kosmos Energy Ltd will be closely monitoring the progress of these discussions. The information is based on a press release statement from Tullow Oil PLC.
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