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FINWIRES

Union Jack Oil Agrees to Reabold Resources' Takeover Offer

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Oil and gas company Union Jack Oil (UJO.L) agreed to be acquired by Reabold Resources (RBD.L) in a deal valued at 6.1 million pounds sterling on a fully diluted basis.

Reabold is offering 0.051 newly issued shares for each Union Jack share, valuing the latter at 0.0419 pound sterling per share, according to a Wednesday filing. The all-share offer reflects a 25% premium on Union Jack's June 12 closing share price.

Union Jack's board intends to unanimously recommend that shareholders accept the offer. Upon completion of the deal, the combined market capitalization of the enlarged group will be 17.8 million pounds.

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