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October 18, 1995 | From Reuters
Norwegian state oil company Statoil made a formal bid for Irish exploration company Aran Energy on Tuesday and forced Los Angeles-based Atlantic Richfield Co., Aran's original suitor, to bow out of the takeover race. Statoil offered 76 Irish pence per share for Aran, valuing the Irish company at $318.8 million. Its offer represents a premium of 11% over Arco's 68-pence revised offer.
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BUSINESS
October 18, 1995 | From Reuters
Norwegian state oil company Statoil made a formal bid for Irish exploration company Aran Energy on Tuesday and forced Los Angeles-based Atlantic Richfield Co., Aran's original suitor, to bow out of the takeover race. Statoil offered 76 Irish pence per share for Aran, valuing the Irish company at $318.8 million. Its offer represents a premium of 11% over Arco's 68-pence revised offer.
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