LONDON: Oil major Royal Dutch Shell extended the deadline on Thursday for shareholder acceptances for its $1.8 billion offer for Cove Energy to June 27.
However, Shell, which has so far received valid acceptances from about 5 percent of Cove shareholders, did not raise its 220 pence per share bid, which is below a rival offer from Thailand's PTT Exploration and Production.
Shell and state-owned PTT have been vying to acquire Cove in recent months, lured by Cove's stake in huge gas fields discovered off the coast of Mozambique.
PTT trumped Shell's $1.8 billion offer with a $1.9 billion, 240 pence per share bid, in May. Analysts have predicted that the takeover battle could have further to run, with Cove announcing the discovery of more gas on Monday.
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