(MENAFN) UK-based Premier Oil has reportedly rejected two secret bid approaches from Ophir Energy for a USD5 billion combined oil exploration group, The Peninsula Qatar reported.
A source familiar with the matter said that the all-share merger proposal was turned down by Premier's board since it does not represent a good strategic fit.
Premier and Ophir currently have a market capitalization of USD2.88 billion and USD2.41 billion, respectively.
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