Sunny Hill, a company owned by Petroceltic's biggest shareholder Worldview, has said a £6.4 million (€8.1m) all-cash takeover bid for the troubled Dublin-based explorer has lapsed.

The Cayman Islands-registered unit, which last week acquired a further 30.56 per cent of Petroceltic’s debt, tabled the offer at a price of 3 pence per share in early March.

Petroceltic, which has previously rejected the bid after saying it undervalued the group, last month urged shareholders to accept the bid.

Sunny Hill said that as of 1pm on Wednesday it had received valid acceptances of the offer in respect of 82,329,157 Petroceltic shares, equivalent to 38.5 per cent of Petroceltic’s issued share capital.

“As valid acceptances of the offer, representing only approximately 54.6 per cent of the Petroceltic shares affected were received by the closing date and time, the acceptance condition has not been satisfied and the offer has lapsed,” Sunny Hill said in a statement on Friday.

Worldview, a 29 per cent shareholder in Petroceltic, has been in dispute with the company’s board for more than a year and has repeatedly tried to oust management and the board.

The High Court last week confirmed examinership for Petroceltic and two related companies after Worldview brought an application.