Tethys Petroleum has knocked back a takeover bid from Nostrum Oil & Gas, citing allegiance with AGR Energy.
However, the board rejected the offer, instead calling its collaboration with AGR, which includes $47.7million in financing, “a transformational deal for Tethys that has the potential to
add significant value for shareholders of Tethys”.
A spokesman added: “In addition, the company is currently in a period of exclusivity with AGR Energy which is active until closing of the AGR Placing.
“Accordingly, having given due consideration to the possible offer, the board has resolved not to pursue or engage in discussions with Nostrum.”