Regal Petroleum up as it accepts Energees’ £77m bid

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The backing came despite Cyprus-based investment vehicle Heamoor saying it was considering making a higher bid for Regal.

Heamoor is owned by powerful Ukranian Victor Pinchuk, whom Forbes records as having a fortune of $3.1 billion (£1.9 billion) and is married to the daughter of the country's former president.

Regal was founded by the businessman Frank Timis, who previously had a conviction for possession of heroin.

Regal's board said Energees' 24p-per-share offer was "fair and reasonable". The shares jumped ¾p to 25¼p today, more than double the 12p price three weeks ago before the firm announced its interest from suitors.

Today, chairman Keith Henry said: "Against the background of operational, legal and funding challenges faced by the company the offer provides greater value and certainty to Regal shareholders than the company remaining an independent listed entity."

Regal — which last year was fined £600,000 by the London Stock Exchange for share ramping — set out a strategic review in late September after its work in Ukraine produced what it called "mixed" results.

The takeover will trigger more lucrative fees for investment bankers. Regal has hired Bank of America Merrill Lynch for advice and UBS is advising Energees.