Gulfsands bid approach by Indian Oil Corp: source - Reuters

GPX.L ), a source close to the situation confirmed on Sunday.

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The Syria-focused oil explorer last week rejected an unsolicited takeover approach of around 350 pence per share, saying the proposal was "wholly inadequate".

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The company, whose shares closed at 308 pence on Friday, is due to upgrade its reserves estimate before the end of March, potentially boosting its valuation.

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Full Story: Gulfsands bid approach by Indian Oil Corp: source - Reuters