Salamander backs Ophir takeover offer

Ophir Energy’s 267 million pound ($418 million) takeover of Salamander Energy has been recommended by the target firm's board, putting the transaction on track to be completed by the end of March 2015, according to Reuters.

Ophir offered to buy Salamander on Nov. 22, proposing 0.5719 shares for every Salamander share in a deal which would leave Salamander shareholders owning around 21% of Ophir.

Reuters notes that the agreed deal follows several weeks of speculation around Salamander before rival bidder Spain's CEPSA walked away earlier in November.

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