Shares in Upland Resources (LSE:UPL) Ltd took plunged on Monday morning, as the oil and gas investment firm announced that a potential takeover bid had fallen flat.
Though Upland had announced the receipt of a takeover offer last week, the firm said on Monday that the bidder was not “bona fide”.
“Subsequent to the offer period beginning, the potential offeror became unengaged and failed to sustain communications with Upland,” a statement read.
Upland said it would seek further advice on potential actions and investigations following the bid, adding that “full focus” remained on the development of the SK334 PSC onshore block in Malaysia.
“We can assure shareholders that this has not detracted the company from the task at hand, fundamentally the business is in the strongest position it has ever been in,” chief executive Bolhassan Di commented.
Shares fell 40% to 2.69p.