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LONDON, Nov 24 (Reuters) - Oil explorer Rockhopper said on Tuesday it had made a takeover offer for rival Falkland Oil and Gas (FOGL) which values the latter at 57.1 million pounds ($86.5 million).
The takeover, which will involve FOGL's chief executive and chairman joining the Rockhopper board as non-executive directors, will merge the companies' exploration campaigns in the Falkland Islands, they said in a joint statement.
As part of the deal, Rockhopper will seek approval from shareholders to issue nearly 160 million new Rockhopper shares at a general meeting on or around Dec. 14, the companies said.
$1 = 0.6600 pounds Reporting by Karolin Schaps; Editing by David Holmes