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Zeta Resources' takeover offer for New Zealand Oil & Gas lapses

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Zeta Resources' takeover offer for New Zealand Oil & Gas lapses

Zeta Resources Ltd. unit Zeta Energy Pte. Ltd. said Oct. 19 that its takeover offer for New Zealand Oil & Gas Ltd., or NZO, lapsed after the minimum acceptance condition was not met.

The company, through Zeta Energy, is the largest shareholder of NZO with a 17.5% stake, and was aiming to control at least a 50.01% ownership.

Zeta Resources noted that shareholders who have lodged acceptances for its offer can now, if they wish, accept the O.G. Oil & Gas Ltd. offer in respect of the shares tendered to the company.