Photo by: Bloomberg
PERTH (miningweekly.com) – The share price of ASX-listed oil and gas explorer Antares Energy rose by 8.5% on Monday on news that the company had received a confidential, unsolicited and indicative takeover offer.
Chairperson James Cruickshank told shareholders that having now received and reviewed the terms of the offer, the company had sought additional clarification on the terms of the offer, and had provided the bidder with an amended term sheet.
“Should these ongoing communications lead to an acceptable term sheet, we would then enter into an additional confidentiality agreement to allow the bidder access to the company’s data room to enable them to complete appropriate due diligence,” said Cruickshank.
He advised shareholders to hold off on taking any action until an agreement had been reached.
Antares shares were trading at 61c a share late on Monday after having fetched a high of 66c a share earlier in the day. The stock closed at 61c a share on Friday.
Earlier this month, Antares launched legal action against shareholder Lone Star Value Investors, saying the company was spreading false and misleading information.
In May, Lone Star, which owns a 6% shareholding in the ASX-listed Antares, notified the company that it was seeking to remove two of the company’s existing directors, and to appoint five new directors of its choosing.
Antares Energy is an oil and gas exploration and production company focused on the Permian basin, West Texas, in the US. Currently, Antares has three core projects - Southern Star, Big Star and Northern Star - each located in the prolific Wolfberry Trend.