Plans for the all-cash takeover were first announced at the end of February, but LNG Limited has failed to secure bridge funding from First Wall Street Capital Corp in the meantime to stay afloat.
LNG-9 today notified LNG Limited that this failure is likely to have “a material adverse effect” on LNG Limited and that “certain conditions under its proposed takeover bid have been triggered or are incapable of being satisfied”.
LNG-9 said it does not intend to despatch its Bidder’s Statement to LNG Limited shareholders and is therefore withdrawing its takeover bid.