Kosmos Energy (NYSE: KOS) confirmed Wednesday that it is in “very preliminary” discussions with Tullow Oil (LON: TLW) over a potential all-share acquisition of the UK-based oil and gas company.
The confirmation follows media speculation about a possible deal, which Tullow also acknowledged in a statement. Tullow Oil first confirmed the talks following the media speculation.
The company said the talks remain in the early stages, with no guarantee that an offer will materialise or clarity on its terms.
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Both companies have stated that a further announcement will be made if and when appropriate.
Under UK takeover rules, Kosmos has until 5:00 p.m. on 9 January 2025 to formally announce its intention to make an offer or withdraw from the process. However, the deadline can be extended with the approval of the UK Takeover Panel.
Kosmos, listed on the New York Stock Exchange, saw its shares fall over 15% on Thursday. Meanwhile, Tullow, listed on the London Stock Exchange, is currently down over 4% after initially rising.
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