Union Jack Oil (AIM:UJO) shares rose 25.1% to 4.19p after Reabold sent an indicative offer covering a possible takeover, the company said. They traded in an intraday range of 3.5p to 4.2p on volume of 1.34m.
Reabold sent an indicative offer letter on 1 June covering a possible offer for Union Jack’s entire issued share capital.
Union Jack said its board had evaluated the proposed transaction with advisers and had provided Reabold with due diligence access.
“Discussions with Reabold are ongoing and there can be no certainty that any offer will be forthcoming or proceed, nor as to the terms of any such offer,” the company said.
