Al Mirqab Capital, a company controlled by Qatar's royal family, has offered to buy Heritage Oil for £924 million (US$1.55 billion) in cash. Under the terms agreement, Heritage's board recommended a share offer of 320 pence in cash.
Separately, Heritage's largest shareholder, Anthony Buckingham, has entered into an agreement with Al Mirqab to retain 20% interest in Heritage for at least five years post the effective date of the transaction.
Al Mirqab is an investment vehicle which is indirectly and beneficially owned by His Excellency Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family in a private capacity.
Heritage Chairman Michael Hibberd commented: "Heritage has built a diversified portfolio over the past two years through the acquisition of a major interest in OML 30 in Nigeria, disposal of Miran in Kurdistan and entry into new exploration licenses in Papua New Guinea. However, the Independent Committee of Heritage's Board believes that the Offer represents an attractive and certain value for Heritage Shareholders, having considered the risks, rewards and timescales associated with the realization of value from Heritage's portfolio of assets."
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