Apple's takeover offer for Aminex lapses

Apple Oil & Gas announced today that its offer for the oil production company, Aminex, which is listed on the Irish Stock Exchange, has lapsed.

A statement said it received valid acceptances for less than 19 per cent of Aminex's shares by 25th April.

"Since valid acceptances have not been received to date in respect of at least 80 per cent in nominal value of the Aminex Shares to which the offer relates the offer now lapses," the statement read.

The Aminex board had opposed the €3 million from the outset. Aminex chairman Mr David Elwes had dismissed the bid from Apple "as an opportunistic raid on Aminex's cash balances.

"It is a paper offer which wholly fails to represent the value of Aminex's assets," he said.

Aminex sold assets in the Russian AmKomi joint venture oil company for $38.5 million.