BowLeven Advances Most in Three Months on Takeover Speculation
BowLeven soared as much as 19 percent, the biggest gain since March 26, and traded up 16 percent at 68 pence as of 9:30 a.m. local time.
“There are rumors it could be a bid coming in,” Andrew Matharu, an analyst at Westhouse Securities Ltd., said after the Financial Times reported yesterday that BowLeven was subject to renewed takeover speculation. Its assets include the Etinde permit in Cameroon, where it raised resource estimates in March.
BowLeven has tumbled almost 50 percent since Feb. 28, when Dragon Oil Plc (DGO) said it was no longer studying an offer for the Edinburgh-based company. The FTSE AIM All-Share Index, of which BowLeven is a member, has dropped 16 percent in the period.
“Equity prices have been depressed while the oil price is relatively high,” Matharu said today by telephone.
No one at BowLeven was immediately available for comment.
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