Mission NewEnergy in offer talks with UK feedstocks firm D1 Oils

Australia-listed biofuel refiner Mission NewEnergy said that detailed discussions with the board of D1 Oils are still on-going over a possible buyout of the British biofuels feedstock supplier. In a statement filed to the Australian exchange, Mission said it noted an announcement released by D1 Oils. D1 Oils said its board was proceeding on basis of an in-principle agreement that Mission Energy will offer new Mission shares representing about £16 million (US$23.58 million) of value at Mission’s prevailing share price at the date of a firm offer announcement. It is also “seeking to bring all offer discussions to a conclusion within two months and that if a firm offer or material new financing was not announced by this time, the Board would conclude its on-going strategic review.” (June 9, 2010)