NZOG takeover subject to scaling after OGOG stake passes 70% upper limit

Mon, 08 Jan 2018

By Rebecca Howard Jan. 9 (BusinessDesk) - OG Oil & Gas's partial takeover of New Zealand Oil & Gas will be scaled after it passed the 70 percent maximum it wanted in its bid to control the local energy explorer and producer. In the final days of the offer, OGOG received acceptances taking it to 73.7 percent of fully paid ordinary NZOG shares, passing the upper limit in its partial takeover bid, and meaning "acceptances under the offer in respect of fully paid ordinary shares will be subject to scaling," according to a filing to NZX. OGOG...

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