March 6, 2019 / 7:27 AM / 7 months ago

SOCO to not bid for Ophir Energy after original proposal rejected

March 6 (Reuters) - Oil and gas producer SOCO International Plc said on Wednesday it would not make an offer for Ophir Energy Plc after an original all-share proposal was rejected by Ophir in January.

SOCO said it believes that a share-based combination with Ophir would be challenging to execute after Indonesian oil and gas group Medco agreed to buy Ophir for a sweetened cash bid of $511 million in January. (Reporting by Arathy S Nair in Bengaluru; Editing by Bernard Orr)

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