Boustead up against stiff competition in proposed acquisition of Indonesian oilfield

PT Enso’s offer is superior to Boustead’s.

Boustead Singapore revealed that its proposed acquisition of an energy asset in Indonesia from Triangle Energy (Global) has hit a road block.

Triangle has received a proposal from PT Enso Asia that is considered superior to that of Boustead’s. 

Triangle Energy has accepted a new superior proposal from PT Enso Asia of up to US$39.9m for Boustead’s desired asset.

However, Boustead Singapore is not backing down, and has asked Triangle Energy's shareholders to still accept its US$3.9m offer for the asset.

Triangle Energy again postponed the shareholders’ meeting saying that PT Enso had come back with a counter offer worth US$4.5 million and a potential value of up to $55.5 million that it was accepting.