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Venture Production was today forced by the Takeover Panel to clarify that, contrary to weekend reports, it is not holding out for an offer of £10 a share, though two of its main shareholders are.
British Gas group Centrica on Friday launched a £1.3 billion hostile takeover for the North Sea exploration and production company.
That bid was tabled at 845p after the markets closed.
That sparked a flurry of reports that indicated Venture would only be happy if the bid came in at 1000p.
However, Venture has now been told by the Takeover Panel - the City's policeman on merger and acquisition activity - to clarify the position to ensure it stayed within the City's rules.
Venture today clarified that in fact only two of its shareholders has been in touch to demand more.
Those two shareholders are Larry Kinch, a founding shareholder in Venture who still owns 7.4% of the company, and US investor ArcLight Capital Partners, based in Boston and speaking for 5.4% of Venture.
Both shareholders are arguing they want 1000p a share for Venture.
City analysts, however, are arguing that while Kinch and ArcLight may be holding out for more, their demands are academic as Centrica has said that, outside an unlikely counterbid for Venture, Centrcia's bid is full and final.
Centrica snapped up 23% of Venture in a shock raid in March when City investors folded and took the 725p on offer from Centrica at a price well in advance of where Venture's shares had been trading.
Those investors included major shareholders like Schroders and Aberdeen Asset Management.
On Friday, as Centrica announced its hostile offer, its was announced that 3i, another long-term Venture holder, had pulled out at 845p a share.
In a statement to the Stock Exchange, Kinch said Venture has developed a strong portfolio of gas assets in the North which has "substantial strategic value [and] much of that value has yet to be realised."
ArcLight said it believes Venture's assets are likely to have much larger long-term value if it is held independently rather than subsumed into Centrica.
Centrica has admitted it needs to buy gas-producing assets so that it can supply its UK customers, including 10 million households.
