April 14 (Reuters) - Australia's FAR Ltd FAR.AX said on Wednesday its shareholders will vote on the proposed sale of its stake in an oil project off Senegal on Thursday, which could decide the fate of a pending takeover offer for the oil and gas explorer.
Private investment firm Remus Horizons had made a A$209.6 million ($160.5 million) offer for FAR in December on the condition that FAR drops its 15% stake sale in the Sangomar project to Australian gas producer Woodside Petroleum WPL.AX .
FAR has already delayed its shareholder meeting to vote on the sale twice, as it evaluated Remus' proposal while the investment firm finalised funding for its offer. the company insisted last month it would not delay a vote beyond April 15, it said on Wednesday that the board will consider whether shareholders need more time to weigh the implications of the sale.
FAR also said Remus was willing to discuss extending a bridge loan to help the company meet its funding needs, while its board urged shareholders to reject the stake sale and vote in favour of Remus' offer. shares have been suspended from trading since September last year due to uncertainty over the sale and valuation of its Senegal stake.
FAR had also received a takeover offer from Russia's Lukoil LKOH.MM which fell through earlier this month. ($1 = 1.3060 Australian dollars)