Sunny Hill say €8.1m bid for Petroceltic has lapsed

A £6.4m (€8.1m) takeover bid for Irish exploration company Petroceltic from a firm owned by the company’s largest shareholder Worldview Economic Recovery Fund has lapsed.

Sunny Hill — which is owned by activist shareholder Worldview — had hoped to secure a takeover of deal of the Dublin-based company but yesterday released a statement which said the bid had lapsed.

Sunny Hill tabled a 3p per share bid in March.