Aug 17 (Reuters) - Tap Oil Ltd (TAP) :
- RECEIVED AN UNSOLICITED INDICATIVE, CONDITIONAL AND NON-BINDING PROPOSAL FROM NORTHERN GULF PETROLEUM HOLDINGS LIMITED
- DEAL FOR INDICATIVE PRICE OF BETWEEN $0.10- $0.11 CASH PER TAP SHARE
- PROPOSAL OUTLINES POTENTIAL PROPORTIONAL OFF-MARKET TAKEOVER OFFER FROM NORTHERN GULF TO ACQUIRE 10-20% OF ORDINARY SHARES OF TAP
- PROPOSAL REGARDING A POTENTIAL OFFER TO BUY PROPORTION OF SHARES IN TAP THAT NORTHERN GULF, ASSOCIATES DO NOT ALREADY OWN
- INDEPENDENT DIRECTORS FORMED VIEW THAT NORTHERN GULF PROPOSAL IN ITS CURRENT FORM IS NOT A SUPERIOR PROPOSAL TO EXISTING RISCO OFFER
- INDEPENDENT DIRECTORS CONTINUE TO UNANIMOUSLY RECOMMEND THAT IN ABSENCE OF A SUPERIOR PROPOSAL EMERGING, TAP SHAREHOLDERS ACCEPT RISCO OFFER
