April 21 (Reuters) - Australian oil and gas explorer FAR Ltd FAR.AX said on Wednesday it was certain that Remus Horizons would not be proceed with its takeover proposal, after receiving letters from the private investment firm outlining various issues.
Remus said in the first letter it would be unable to lodge its bidder's statement over the coming days, while in another letter authored by a different signatory, the private investment firm said the takeover offer was not properly authorised by the company, FAR said in a statement.
The oil and gas explorer postponed a vote on the sale of its stake in an oil project off Senegal for the third time in April to gain time to study Remus' A$209.6 million ($161.6 million) takeover offer that hinged on the Australian firm dropping the stake sale.