San Leon shares up 12% on approach

Shares in Dublin-based exploration firm, San Leon Energy jumped more than 12%, at one point, yesterday on the back of the company confirming it had been approached with a potential takeover offer.

The company’s brief announcement, made yesterday morning, followed a media report at the weekend which suggested San Leon had become a takeover target, with a minimum bid of almost €70m expected within the week.

San Leon’s management said, yesterday, that its statement doesn’t constitute a firm intention to make an offer, on behalf of the interested party, adding “there can be no certainty that an offer will be made or as to the terms on which any offer might be made.”