Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF, FRA:1UJ0) announced it has received a non-binding approach from Reabold Resources PLC (AIM:RBD, FRA:AWL1) over a possible all-share takeover.
The AIM-listed oil and gas company said Reabold sent an indicative offer letter on 1 June 2026 covering a possible offer for Union Jack’s entire issued share capital.
Union Jack said its board had evaluated the proposed transaction with advisers and had provided Reabold with due diligence access.
“Discussions with Reabold are ongoing and there can be no certainty that any offer will be forthcoming or proceed, nor as to the terms of any such offer,” the company said.
Under the Takeover Code, Reabold has until 5.00 pm on 13 July 2026 to either announce a firm intention to make an offer or confirm that it does not intend to proceed.
In London, Union Jack shares soared 27% to 4.27p.
