The boards of ONGC Videsh (OVL) and Imperial Energy announced that they hade reached an agreement on the terms of a recommended pre-conditional cash offer, to be made by Bidco, for acquiring the UK-based company. Bidco also offered to acquire the Imperial Energy convertible bonds. The two offers together value Imperial Energy at about £1.4bn ($2.). Bidco is a wholly-owned subsidiary of OVL incorporated in Cyprus formed for the purpose of making the offers. OVL is a wholly-owned subsidiary of Oil & Natural Gas Corp. (ONGC). Imperial Energy said that its Directors considered the terms of the offers to be " fair and reasonable". Imperial Energy Directors unanimously recommended the OVL offers to the shareholders and convertible bondholders. Imperial Energy is an independent upstream oil exploration and production company focused on the Commonwealth of Independent States (CIS) and, in particular, the Russian Federation. It is listed on the official list of the London Stock Exchange (LSE)