Smart gets approval for buyout from 53% of Regal shareholders

Smart Holding CEO Alexei Pertin said yesterday in an interview with Interfax that his company received approval of 53% of Regal Petroleum (LSE: RPT LN) shareholders for its partial cash buyout offer at 38 pence per share. Pertin said he expects the transaction to be concluded by March 8. Pertin said Smart’s interest in Regal is strategic and long-term. Smart plans to appoint deputy CEO Alexey Timofeyev as Regal’s new CEO. Smart’s CEO and CFO will join Regal’s Board of Directors, but the current independent head of the board of directors will remain in place.