LONDON, June 21 - British utility Centrica (CNA.L) is prepared to go hostile with its 850 pence a share bid for oil and gas group Venture Production (VPC.L), which is holding out for 950 pence, the Independent on Sunday reported.
The Takeover Panel said last week that Centrica had a July 13 "put up or shut up" deadline to make a firm offer after the British Gas owner bought a 22 percent stake in Venture in March and said it was considering making a cash offer for the company.
Centrica said in March it had acquired 33 million shares for 725 pence each in a deal which valued the Aberdeen-based firm at 1.09 billion pounds ($1.78 billion).
The newspaper quoted sources close to the companies as confirming their respective strategies.
It quoted one banker as saying Centrica was committed to a much lower price and might go hostile if Venture sticks to the 950 pence a share demand.
However another source told the paper that Centrica's offer would need to start with a nine to get any traction with the board.
No one at Centrica was immediately available to comment on the report.
The Takeover Panel said last week that Centrica had a July 13 "put up or shut up" deadline to make a firm offer after the British Gas owner bought a 22 percent stake in Venture in March and said it was considering making a cash offer for the company.
Centrica said in March it had acquired 33 million shares for 725 pence each in a deal which valued the Aberdeen-based firm at 1.09 billion pounds ($1.78 billion).
The newspaper quoted sources close to the companies as confirming their respective strategies.
It quoted one banker as saying Centrica was committed to a much lower price and might go hostile if Venture sticks to the 950 pence a share demand.
However another source told the paper that Centrica's offer would need to start with a nine to get any traction with the board.
No one at Centrica was immediately available to comment on the report.
