Australia's Far Gets $159.2 Million Buyout Offer From Remus Horizons

Oil and gas explorer Far Ltd said on Thursday it received a A$209.6 million ($159.15 mln) all-cash takeover proposal from private investment firm Remus Horizons PCC Ltd, Reuters reported. The offer values Far at 2.1 Australian cents per share, representing a premium of 90.9% to the company’s shares last closing price of 1.1 Australian cents. Cash-strapped Far has struggled due to the coronavirus-induced downturn in the oil and gas industry, with the Africa-focused explorer defaulting in June on its contributions to the Sangomar oil project off Senegal’s shore. The company exited the project in November, agreeing to sell its 15% stake to a unit of India’s ONGC Videsh Ltd for $45 million. Read more