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Salamander board backs Ophir's £314mln offer

Last updated: 04:23 24 Nov 2014 EST, First published: 05:23 24 Nov 2014 EST

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The management teams behind Ophir (LON:OPHR) and Salamander Energy (LON:SMDR) have agreed on the terms of a takeover.

A share-based deal will see investors receive 0.5719 Ophir shares for each Salamander share they own.

It equates to a deal value of 115.9p per share, or £314mln for the whole company.

The terms were laid out on Friday, and today it has been confirmed that Salamander's board of directors has given the proposal its backing, thus recommending the offer to its shareholders.

"The board of Salamander unanimously believes that the Ophir offer represents an attractive opportunity to participate in an enlarged African-Asian E&P company with a strong balance sheet and enhanced operating capability," said Charles Jamieson, Salamander's non-executive chairman.

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