Thai oil company extends takeover bid deadline again

Thai oil company PTT Exploration & Production yesterday extended for the third time the deadline for shareholders in London- and Dublin-based explorer Cove Energy to accept its $1.9bn (€1.5bn) takeover bid.

PTT has put its deadline out to Jul 25 as it has only received acceptances in respect of 1.23m of Cove’s shares, or 0.25% of its issued share capital.

Cove’s management — the company is headed up by John Craven, a founder of Dublin-headquartered oil and gas explorer Petroceltic — initially agreed to PTT’s offer in late May.