London-based Ophir Energy said the company’s board decided to reject the possible offer to be made by Medco Energi. 

To remind, Indonesian oil and gas company Medco Energi on Friday said it could come up with a possible bid for Ophir, valuing each Ophir share at 48.50 pence for a total of $440 million.

Ophir said on Monday its board unanimously rejected the proposal “as it undervalued Ophir.”

Medco said the possible offer would come at a 46.1 percent premium to the closing price of 33.2 pence per Ophir share on December 28, 2018.

Ophir added that on January 15, it will provide an update on its trading and operations for the twelve month period ending 31 December 2018.