Two leading shareholders in Venture Production, the North Sea oil and gas company, have rejected Friday’s hostile 845p per share bid from Centrica saying it undervalued the business. Larry Kinch, a Venture founder who holds 7.4 per cent of the equity, and Arclight Capital Partners, a Boston-based private equity fund that has 5.4 per cent, told the FT they wanted £10 per share. Mr Kinch and Arclight have seats on Venture’s board, which rejected Centrica’s bid on Friday night. Centrica, which owns 29 per cent of its target, has said its offer is final, unless another bidder comes in. Its offer values Venture’s equity at £1.3bn.

This entry was posted by Stacy-Marie Ishmael on Monday, July 13th, 2009 at 4:43 and is filed under Capital markets, M&A, Private equity. Tagged with Arclight Capital Partners. Edit this entry.