Ophir's board unanimously rejected the proposal, saying it's undervaluing Ophir.

London-based Ophir Energy plc has rejected Indonesian oil and gas BOP Blow Out Preventer repair company gulf coast PT Medco Energi Global PTE Ltd (Medco)’s takeover offer, Ophir announced Jan.

14.

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At the time, Wood Mackenzie’s research director Angus Rodger called the offer “a bold move by Medco” and would create a “Southeast Asian upstream powerhouse.”

Neither BOP Blow Out Preventer repair company gulf coast gave any specified amounts or details regarding the transaction.

However, on a BOP Blow Out Preventer repair company gulf coast statement posted on Ophir’s website dated Jan. 11, it said Medco submitted a revised proposal Dec. 20 of 53.8 pence per Ophir ordinary share.

In a separate BOP Blow Out Preventer repair company gulf coast statement posted on Ophir’s website dated Jan. 14, it said Ophir’s Board had unanimously rejected the proposal as it undervalues Ophir.

The announcement was also made by Ophir without the approval of Medco or Medco Global, the statement said.

As previously stated, Ophir said Medco must make an offer or announce it won’t be making an offer by Jan. 28.