Kosmos Energy has announced it is no longer interested in acquiring all the shares of Tullow Oil Plc.
This news comes just weeks after Tullow confirmed preliminary discussions regarding a possible all-share offer from Kosmos. "Kosmos Energy can now confirm that it does not intend to make a firm offer for Tullow at this time," a statement from Kosmos revealed.
This decision frees them from the requirements outlined in Rule 2.8 of the UK Takeover Code, which governs procedures for public mergers and acquisitions.
The news comes as a blow to Tullow, which has been facing financial challenges.
