Reabold Resources plc has rebuffed Union Jack Oil’s rejection of its takeover offer, which stated that the £6.14 million bid undervalued the company.
Union Jack’s new board made the statement on 11 September in a circular to shareholders, and also cast doubt on the West Newton joint venture gas project in East Yorkshire.
On 21 September, Reabold issued its own statement to shareholders, describing the new Union Jack board’s rejection of the offer as “self-serving”, adding: “The Reabold board believes that the circular contains a number of misleading, selective and highly speculative statements regarding Reabold, the offer and the West Newton project.”
The company said that its offer, which remains open until the unconditional date of 2 October 2026, was final and would only increase should a third party also make an offer.