Britain's Takeover Regulator has reportedly said that Oil India and Indian Oil Corp must make a formal bid for Syrian-focused oil explorer Gulfsands Petroleum by May 11 or walk away for a minimum of six months.
The Takeover Panel issued the deadline to Gulfsands' Indian suitors on Thursday after advisers to the company approached it last week, the report stated.
The company rejected a preliminary approach which valued it at 381mn pounds on Mar. 19 as "wholly inadequate" and later in March said that its two Syrian fields had far more oil than previously estimated, hoping to boost its bid defense.