APOG rejects takeover offer

AFTER more than six months of discussions, American Patriot Oil and Gas' major shareholders will not accept a 22c per share takeover offer from US-based Running Foxes Petroleum, so the two companies have decided to enter into a formal alliance to chase producing properties.

APOG said its major shareholders wanted to remain exposed to the upside, and it would be impossible to meet the minimum acceptance target set by RFP in its February takeover offer, which was made at

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