Investors holding Union Jack Oil (UJO) shares have seen the Reabold Resources bid collapse play out in full: the all-share takeover offer from Reabold Resources (RBD) lapsed on 2 October 2026, according to an Offer Lapse Announcement published that afternoon on the London Stock Exchange (LSE).
The bid never came close to the 75% acceptance threshold (the minimum share of target shareholders who must agree before a takeover can complete under the Takeover Code). Reabold launched its approach with an indicative offer letter on 1 June 2026, and Union Jack’s share price jumped 27% to 4.27p on the day the interest became public, according to Yahoo Finance. The formal recommended all-share offer was then announced on 1 July 2026.
How Low Acceptances Sealed the Reabold Resources Bid Collapse
By Day 49 of the offer, 22 September 2026, Reabold had received valid acceptances for just 5,220,241 Union Jack shares. Including 3,101,144 shares covered by irrevocable undertakings (binding commitments from certain shareholders to accept), the total count stood at 8,290,385 shares, per the Day 49 Acceptance Level Update published via Investor Meet Company.
Those figures represented roughly 5.7% of Union Jack’s share capital, barely a fraction of what was needed. Reabold pressed on regardless, extending the deadline to 2 October 2026 in its Day 58 Acceptance Level Update and urging Union Jack shareholders to accept. The Day 59 update on 1 October 2026 confirmed acceptances as of that date before the offer lapsed the following day.
Union Jack’s Board and Shareholders Stood Firm
Union Jack’s new board published a rejection circular making clear it wanted no part of the deal. The circular confirmed that board members and at least one other sizeable Union Jack shareholder had provided irrevocable undertakings not to accept the Reabold offer, according to ADVFN’s summary of the rejection circular. That meant a chunk of the share register was locked against Reabold before the wider shareholder vote even began.
The process was not without regulatory friction. A Takeover Panel ruling on the matter was referenced in an RNS dated 4 September 2026, with both Union Jack and Reabold accepting that ruling, as confirmed by a separate LSE market announcement. The original recommended all-share offer announcement had set out that a regulatory announcement would be required once the 75% acceptance threshold was reached. That announcement was never needed.
What the Lapse Means for UJO and RBD Holders
For Union Jack shareholders, the immediate practical effect is that nothing changes in terms of what they own. UJO continues as an independent company with its main asset, a 40% interest in the Wressle Oilfield (licences PEDL180 and PEDL182) in Lincolnshire, intact.
Reabold’s own key asset is its 69.9%-owned West Newton project (licence PEDL 183) in onshore UK. The company, formerly known as Adventis Group plc before it changed its name in December 2012, now heads into a period where investors will want clarity on what the failed bid cost in management time and resources, and what its strategy for West Newton looks like without the Union Jack combination it had sought.
For anyone who bought into UJO on the 27% spike when the approach was first disclosed on 1 June 2026, the lapse is a reminder that a possible-offer announcement is not a done deal. Under the Takeover Code, Reabold had until 5pm on 13 July 2026 to either announce a firm intention to proceed or walk away; it chose to proceed, and the market spent four months finding out the answer was no.
The next question for RBD holders is whether management returns to the drawing board on M&A or focuses capital on West Newton. For UJO holders, the key trigger is the Wressle production outlook and any update from the new board on capital allocation now that the distraction of a contested takeover has passed.
