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Reabold Resources Defends All-share Offer After Union Jack Oil Rejection

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Reabold Resources (RBD.L) on Monday addressed the rejection of its all-share offer by Union Jack Oil's (UJO.L) new board, saying its terms are "fair and reasonable" for shareholders of both companies.

The oil and gas-focused investor noted that its proposal represents "the most credible route" to value creation for shareholders of Union Jack and the new board's valuation analysis is "selective and misleading."

Reabold added that the offer is final and will not be increased, and that it will expire on Oct. 2, unless extended.

On Sept. 11, Union Jack's newly appointed board reversed its predecessor's acceptance of Reabold's proposal, urging shareholders to reject the offer of 0.051 new Reabold share for each Union Jack share held as it "significantly undervalues" the company's current project portfolio and the group as a whole.

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