RockRose Energy PLC (LSE:RRE) made a pre-conditional proposal to acquire Independent Oil and Gas plc (AIM:IOG) for £25.4 million on March 1, 2019. Under the terms of the proposal, RockRose will offer 20 pence per Independent Oil and Gas share. The possible offer would be wholly funded out of RockRose's existing cash resources. The proposal was rejected by the Board of Directors of Independent Oil and Gas due to number of statements which the Board finds misleading and with which the Board does not agree. Board believes that the proposal is opportunistic and materially undervalues company. Board of Independent Oil and Gas urged shareholders to take no action with respect to proposal at this time. As of march 25, 2019, the Board of IOG has repeatedly rejected the deal. Christopher Raggett and Henrik Persson of FinnCap Ltd. and Richard Crichton and David McKeown of Peel Hunt LLP acted as financial advisors for Independent Oil and Gas. Giles Fitzpatrick and Andrew Chubb of Hannam & Partners (Advisory) LLP acting as financial advisors for RockRose Energy.

RockRose Energy PLC (LSE:RRE) withdrew the acquisition of Independent Oil and Gas plc (AIM:IOG) on April 1, 2019. On March 25, 2019, Independent Oil and Gas announced that RockRose had approached the joint administrators of LOG to acquire the entire debt and accrued interest due to London Oil & Gas Limited from Independent Oil and Gas for the sum of £40 million in cash. The Board concluded to reject the proposal unequivocally and continue to state that this subsequent offer is a further transparent attempt by RockRose to deny both London Oil & Gas Limited's and London Capital and Finance 's creditors, and by extension to London Capital and Finance's mini-bond holders, of fundamental value, seeking instead to reserve that value for the benefit of RockRose and those directly associated with RockRose.