Antrim rejects buyout offer

Antrim Energy — the Canadian exploration firm, with sizeable interests off the Irish coast— has turned down a takeover approach from UK company, Sound Oil.

Last month, Sound Oil approached Antrim with a £6.3 million (€8m) offer, saying that with its market capitalisation falling below its net cash position, the Canadian firm’s appeal and credibility as a standalone investment option had been reduced.

However, in a response statement issued yesterday, Antrim Energy said that after careful consideration and consultation with financial and legal advisors, and independent shareholders, its board had concluded that Sound’s approach “is not in the best interests of Antrim shareholders”.