Australia-listed FAR jumps nearly 7% after top investor rejects takeover bid

FAR

03/02/2022 23:54

(Updates)
    ** FAR Ltd  FAR.AX  climbs 6.8% to A$0.625 after top
shareholder rejects takeover approach for the oil and gas
explorer
    ** Shares hit their highest since Dec 22 
    ** Meridian Capital International Fund, which holds a 19.3%
stake, says Samuel Terry Asset Management's bid is
"opportunistic and wholly inadequate"
    ** FAR shares trading ~39% above Samuel Terry's A$0.45 a
share bid, valuing the Africa-focused firm at A$44.9 mln ($32.08
mln)
    ** Meridian says it remains committed to its FAR stake
    ** FAR previously said it will consider the bid 
    ** FAR up 63% since Samuel Terry's bid was made public on
Jan 31
    
($1 = 1.3998 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))