Venture rejects Centrica share offer

Offshore staff

LONDON-- Venture Production has rejected Centrica’s share acquisition offer.
Venture’s board has concluded that Centrica’s offer “substantially undervalues the company given its near- and long-term prospects and the strategic position and high quality of its UK gas reserves and resources.”

"We are the leading independent gas producer in the North Sea. In no way does this offer recognize the strategic position and high quality of our UK gas reserves and resources for which the markets have clearly and consistently established significantly higher values across a number of recent transactions. Our strong financial position enables us to exploit both our existing strategic portfolio and future acquisition opportunities,” says Mike Wagstaff, chief executive, Venture Production.

07/13/2009