Nostrum withdraws its proposed offer for TethysStaff writer ▼ | October 7, 2015
Nostrum Oil & Gas said it has withdrawn its proposed offer announced on September 23, 2015 to acquire the entire issued share capital of Tethys Petroleum together with a proposed $20 million interim funding to Tethys.
No acquisition Nostrum and Tethys have worked together
Nostrum and Tethys have worked together to negotiate legally binding agreements implementing the Proposed Transaction during an exclusivity period that began on September 23, 2015 and expired at 11:59 p.m. on 6 October 2015.
However, as stated in Nostrum’s announcement of September 23, 2015 it is a condition to entry into those agreements that the three major shareholders of Tethys agree to support the Proposed Offer in form and substance satisfactory to Nostrum.
Tethys’ largest shareholder, Pope Asset Management LLC, has informed Nostrum that it does not support the Proposed Offer and therefore, despite the progress made by Nostrum and Tethys in preparing transaction documentation, the Proposed Transaction will not proceed. ■