Geo-Alliance, Heamoor drop bid for Regal Petroleum

Yesterday Geo-Alliance and Heamoor Ltd, both controlled by Ukrainian businessman Viktor Pinchuk, said they would not make an offer for Regal Petroleum (LSE: RPT LN), according to an RNS news release. The announcement followed a request by Britain’s Takeover Panel to clarify an offer to Regal’s shareholders by February 10. In the statement, Geo-Alliance maintained that its offer of a reverse take-over at 25 pence per share is superior to that of Smart Holding and stated it would re-engage in negotiations should Smart Holding offer lapse. Smart Holding, represented by Energees Investments, announced an increased offer to Regal’s shareholders to buy up to 70% of shares at 38 pence in cash on February 8.