Blue Concept not planning to bid for Deltic Energy

(Sharecast News) - Sweden's Blue Concept said on Wednesday that it does not plan to make an offer for AIM-listed North Sea operator Deltic Energy. Blue Concept became the latest suitor to abandon its pursuit of Deltic, after Petrogas said last week that it wasn't intending to make an offer.

Deltic announced last month that it had agreed a recommended cash acquisition by Neo Next+ Energy Upstream UK in a deal that values the company at around £7.2m on a fully diluted basis.

Under the terms of the acquisition, Deltic shareholders will receive 7.7p in cash for each of their shares, which is a premium of about 156.7% to the closing share price on 21 April, the last trading day before the offer period began.

At 1424 BST, Deltic shares were down 7.7% at 6p.

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