RockRose Energy PLC (LSE:RRE) made a pre-conditional proposal to acquire Independent Oil and Gas plc (AIM:IOG) for £25.4 million on March 1, 2019. Under the terms of the proposal, RockRose will offer 20 pence per Independent Oil and Gas share. The possible offer would be wholly funded out of RockRose's existing cash resources.

The proposal was rejected by the Board of Directors of Independent Oil and Gas due to number of statements which the Board finds misleading and with which the Board does not agree. Board believes that the proposal is opportunistic and materially undervalues company. Board of Independent Oil and Gas urged shareholders to take no action with respect to proposal at this time.

As of march 25, 2019, the Board of IOG has repeatedly rejected the deal. Christopher Raggett and Henrik Persson of FinnCap Ltd. and Richard Crichton and David McKeown of Peel Hunt LLP acted as financial advisors for Independent Oil and Gas. Giles Fitzpatrick and Andrew Chubb of Hannam & Partners (Advisory) LLP acting as financial advisors for RockRose Energy.