(Bloomberg) — An independent committee evaluating BP Plc and Abu Dhabi National Oil Co.’s roughly $2 billion offer for 50% of NewMed Energy has requested the oil and gas giants substantially increase their bid, people with knowledge of the matter said.
BP and Adnoc are now considering whether to improve on their initial proposal for the Israeli gas explorer made in late March or walk away, according to the people, who asked not to be identified discussing confidential information. Deliberations are ongoing and there’s no certainty they’ll respond with a higher offer, they said.
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