Biofuels company D1 Oils PLC (DOO.LN) said it is in talks with renewables firm Mission Newenergy Ltd. (MBT.AU) about an offer for D1 pitched at GBP16 million in shares.

Mission Newenergy said May 25 it was in talks with D1's board about securing their backing for a possible bid for the company.

D1 said any offer that may eventually be made is subject to due diligence. It is aiming to conclude discussions within two months.

News of the discussions comes as shareholders prepare to vote on proposals to oust D1's board at an upcoming meeting.

Activist investor Principle Capital Holdings is seeking seats on the board in a bid to sell or wind up the firm after a joint venture with oil major BP PLC (BP.LN) came to an end in 2009.

At 0718 GMT, shares in D1 were 1.75 pence or 28% higher at 8 pence, valuing the business at roughly GBP10 million.

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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