September 17, 2017 / 9:17 PM / in a month

O.G. Oil & Gas intends to buy majority stake in New Zealand Oil & Gas

NEW YORK (Reuters) - O.G. Oil & Gas Ltd’s Singapore unit intends to buy a 65.7 percent stake in New Zealand Oil & Gas Ltd, it said in a notice on Sunday.

New Zealand Oil & Gas already had a partial offer from rival Zeta Energy Pte Ltd, which the board had urged shareholders to reject.

O.G. proposed payment of NZ$0.77 ($0.55) per share of New Zealand Oil & Gas, valuing the company at NZ$80.7 million ($58.21 million). The board said in a Sept. 15 statement that an informal proposal from O.G. appeared to be the superior offer.

Reporting by Jessica Resnick-Ault; Editing by Peter Cooney

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