The takeover of Regal Petroleum (LON:RPT) is now unconditional as 51 percent of shareholders are now backing Energees Investments' improved bid.
The Ukrainian investment group, which is part of the larger Smart Holdings group, emerged as the victor earlier this month when Heamoor and Geo-Alliance – two investment vehicles controlled by Ukrainian oligarch Victor Pinchuk - walked away.
The two groups of Ukrainian businessmen had been embroiled in a long running tug-of-war over Regal during the past few months and ultimately Energees upped the original 24 pence a share bid considerably, to 38 pence in early January.
Pinchuk’s companies, who didn’t table a formal bid at any point, declared they would not make an offer for Regal a few days later.
Since then the majority of Regal shareholders have accepted the Energees bid and now the group has 51 percent approvals.