UK's Ophir Energy rejects Medco's buyout offer

(Reuters) - Ophir Energy Plc <OPHR.L> said on Monday that it has rejected Indonesian oil and gas group Medco Energi Internasional Tbk PT's <MEDC.JK> potential buyout offer, saying it "undervalues" the British energy company.

Medco, which had made an unsolicited approach to buy Ophir in October last year, said on Friday it could offer 340 million pounds ($437 million) in cash for London-listed Ophir, which has assets in south-east Asia.

($1 = 0.7780 pounds)

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)