Venture Succumbs To Centrica's Hostile Bid

Law360, New York (August 25, 2009, 7:00 PM EDT) -- Giving up the fight against a hostile takeover bid from U.K. utility Centrica PLC, oil and gas producer Venture Production PLC said Tuesday its board was recommending to shareholders that they accept Centrica's offer worth £1.3 billion ($2.12 billion).

While the Venture board continues to believe that Centrica's final offer “substantially undervalues” Venture, it is no longer in a position to block the takeover, now that Centrica has a controlling stake in the company, U.K.-based Venture said in a statement Tuesday. On Monday, Centrica had raised...
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