Ambassador updates on acquisition offers

Ambassador Oil and Gas Ltd.

Ambassador Oil and Gas Ltd. has provided updates on two acquisitions offers – one from Drillsearch Energy Ltd. and the other from Magnum Hunter.

Ambassador said June 19 that Drillsearch Energy Ltd. announced June 16 an increased offer to acquire all of the ordinary shares in Ambassador that it does not already own and declared the offer unconditional. Further details of the revised Drillsearch offer are set out in Drillsearch's supplementary bidder's statement dated June 16.

On June 6, after the announcement of the revised Drillsearch offer, it was announced that the Ambassador board determined that the revised Drillsearch offer is superior than the Magnum Hunter's proposed offer announced June 10, and recommended Ambassador shareholders accept the revised Drillsearch offer in the absence of a superior offer.

On June 17, Magnum Hunter announced an increased offer consideration to acquire all of the ordinary shares in Ambassador and also declared the offer unconditional. Further details of the revised Magnum Hunter offer are set out in its June 17 ASX announcement.

In light of the revised Magnum Hunter offer, the Ambassador directors have now withdrawn their recommendation of the revised Drillsearch offer.

The Ambassador directors are continuing to assess the merits of the revised Magnum Hunter offer. At this stage, the Ambassador directors make no recommendation in relation to the revised Drillsearch offer or the revised Magnum Hunter offer.

Ambassador shareholders are not required to take any action at this time. The Ambassador directors will update shareholders on the revised offers as appropriate.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...