Oil India, Indian Oil Said to Have Made Gulfsands Rejected Bid - BusinessWeek

March 21 (Bloomberg) -- Oil India Ltd. and Indian Oil Corp. jointly made the bid for Gulfsands Petroleum Plc that the U.K. company with assets in Syria and the Gulf of Mexico rejected last week, three people familiar with the matter said.

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The unsolicited approach was “wholly inadequate,” Gulfsands said March 19, without giving details. The bid was at 350 pence a share, the Financial Times reported yesterday, or 10 percent above the March 19 closing price. That would value the London-based company at about 400 million pounds ($601 million), the newspaper said. The offer may be increased, it said.

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Bobby Morse, an external spokesman for Gulfsands, declined to identify any bidder or pricing. The people familiar with the approach declined to be identified because the discussions between the U.K. company and the two state-owned Indian ones were private.

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