Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Drillsearch Energy has extended its takeover offer for fellow-listed Ambassador Oil & Gas until September 15.
The Drillsearch offer is now the only takeover option available to Ambassador shareholders, after a competing bid by New York-listed Magnum Hunter closed on September 5.
Ambassador on Tuesday advised shareholders to accept the Drillsearch offer, as the company had obtained a relevant interest of more than 88% in Ambassador’s shares.
Drillsearch is offering one of its own shares for every 5.4 Ambassador shares held, implying a price of 30c a share to Ambassador’s shares, based on Drillsearch’s closing price on September 8.
Drillsearch has indicated that it would apply to have Ambassador’s shares delisted from the ASX, once it has gained control of the company.