https://www.miningweekly.com

Ambassador directors accept Drillsearch offer

Ambassador directors accept Drillsearch offer

Photo by Reuters

26th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The directors of takeover target Ambassador Oil and Gas have thrown their support behind a bid by Drillsearch Energy.

The company announced on Tuesday that each of the company’s directors had accepted the unconditional Drillsearch takeover offer for their own shares, which represented about 8.8% of the issued share capital of Ambassador.

Drillsearch is offering one of its own shares for every 5.4 Ambassador shares held, implying a value of about 35.5c a share, based on the company’s closing price on August 25.

Drillsearch currently had a 54.63% shareholding in Ambassador.

The offer had been matched by New York-listed Magnum Hunter, which had offered one of its own shares for every 23.6 Ambassador shares, implying a value of 30.7c a share for Ambassador’s shares.

Magnum has previously warned that it would not increase its offer price for Ambassador, saying a change to the Cooper basin exploration programme had lessened the attractiveness of the company as an acquisition target.

The Drillsearch offer would close on August 27, while Magnum Hunter’s offer would close on September 5.

Edited by Creamer Media Reporter

Comments

Showroom

Alco-Safe
Alco-Safe

An unmanned breathalyser that is made to be tough and simple to use. Can be used in any environment for operator-free breathalyser testing.

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.11 0.143s - 90pq - 2rq
Subscribe Now