Gulfsands Petroleum has rejected a 381mn pound preliminary offers after receiving a reiteration of the original bid from two Indian companies, according to reports. Gulfsands, whose main assets are in Syria, said that Oil India and Indian Oil Corp had approached it on Apr. 27 with an indicative offer of 315 pence per share, unchanged from an initial approach they made on Mar.18.
"The board remains unanimously of the view that the proposal is wholly inadequate and materially undervalues the company, particularly in the light of recent newsflow," the company was qupted as saying.
Gulfsands also said it welcomed a decision by Britain's takeover regulatory authority which issued Oil India and Indian Oil Corp with a deadline of May 11 to make a formal bid for Gulfsands or walk away for a minimum of six months.