Energees partial cash offer for Regal becomes unconditional

Energees Management, the principal holding company of Smart Holding, announced in a release on Friday that its agreement with Regal Petroleum’s (LSE: RPT LN) board on its increased partial cash offer became unconditional following the receipt of valid acceptances from holders of 51.7% of Regal shares. On February 6, Energees detailed an increased partial cash offer valid until February 20 to buy Regal at 38 pence per share. According to the Britain’s Takeover Panel, in order to proceed with its offer and to take control over Regal, Energees now has to secure the approval of at least 50% of Regal shareholders by March 4, 2011. According to the February 6 offer, Energees had already received irrevocable undertakings from Renaissance Securities and Hadron Capital to acquire 8.3% of Regal shares. These undertakings are binding unless the increased partial offer lapses or is withdrawn.