Printer Friendly

SAGASCO TENDER OFFER DRAGS ON; 600,000 TENDERED SHARES ALREADY WITHDRAWN

 HARTFORD, Conn., June 23 /PRNewswire/ -- Magellan Petroleum Corporation (NASDAQ: MPET) said a hostile tender offer for at least 90 percent of its outstanding shares has again been extended.
 Magellan, as previously reported, is the $1.50 per share take-over target of Sagasco Holdings Ltd. (a gas company 52 percent owned by the South Australia state government) that is seeking to obtain control of the 152,000-acre Palm Valley gas field in central Australia's Amadeus Basin.
 The offer initially expired on June 9, but then was extended to July 8. Last Monday, Sagasco announced yet another extension, to July 30, and was required to disclose that tenders for 2.62 million shares had been made as of June 21.
 Inasmuch as 3.24 million shares had been tendered as of June 9, at least 600,000 shares -- or nearly 20 percent of the originally tendered stock - already have been withdrawn, Magellan said.
 James R. Joyce, Magellan's chief financial officer, said the two extensions of the offering period are, in effect, a no-cost option on the tendered shares.
 "Sagasco has but one objective: to obtain control of the Palm Valley field before the full extent of its reserves becomes known," Joyce said.
 -0- 6/23/93
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET)


CO: Magellan Petroleum Corporation; Sagasco Holdings Ltd. ST: Connecticut IN: OIL SU:

SH-OS -- NY060 -- 5151 06/23/93 16:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993
Words:235
Previous Article:BARTER: TEN BILLION DOLLAR BUSINESS
Next Article:ALEXANDER ENERGY ANNOUNCES SUCCESSFUL HORIZONTAL COMPLETION
Topics:


Related Articles
SAGASCO PLANS TENDER FOR MPAL SHARES
SAGASCO HOLDINGS LIMITED BEGINS TAKEOVER BID FOR MAGELLAN PETROLEUM CORPORATION
MAGELLAN'S BOARD RECOMMENDS AGAINST SAGASCO BID
MAGELLAN'S BOARD RECOMMENDS AGAINST SAGASCO BID
SAGASCO TENDER REJECTED BY MAGELLAN PETROLEUM; MOST STOCKHOLDERS IGNORE INADEQUATE OFFER
SAGASCO'S EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM
SAGASCO EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM CORPORATION
SAGASCO EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM CORPORATION
SAGASCO EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM CORPORATION
SAGASCO EXTENDS TENDER OFFER FOR MAGELLAN PETROLEUM CORPORATION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters