Melbana hits the brake on Metgasco takeover

MELBOURNE-based explorer Melbana Energy watched its share price dive 20% this morning after accusing fellow junior Metgasco of breaching a number of conditions in a potential takeover offer, writing to the company seeking clarification.

Melbana hits the brake on Metgasco takeover Melbana hits the brake on Metgasco takeover Melbana hits the brake on Metgasco takeover Melbana hits the brake on Metgasco takeover Melbana hits the brake on Metgasco takeover

Metgasco potentially breached takeover conditions

 
Last week Melbana announced it was weighing up acquiring ASX-listed Metgasco in an all-script deal with a 48% implied premium on its last closing price.