March 20, 2019 / 9:05 PM / 3 months ago

Indonesia's Medco sweetens bid for Ophir Energy

March 20 (Reuters) - Ophir Energy Plc on Wednesday said it had received a sweetened cash offer from Indonesian oil and gas group Medco valuing it at about 408.4 million pounds ($539 million).

Under the terms, Ophir Shareholders will receive 57.5 pence per share in cash, the company said.

Medco’s previous offer for Ophir was for 55 pence per share.

The offer price represents a premium of about 2.7 percent to Ophir’s Wednesday close of 56 pence on the London Stock Exchange. ($1 = 0.7583 pounds) (Reporting by Shubham Kalia in Bengaluru; Editing by Hugh Lawson)

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