Acceptances jump in Cooper takeover bid
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Friday, 10 October, 2008 - 10:23
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Acceptances for Cooper Energy Ltd's takeover offer for Incremental Petroleum Ltd have jumped nearly 10 per cent, after the takeover target formally rejected the offer earlier this week.
In a statement to the market, Cooper advised that acceptances held in the Institutional Acceptance Facility had increase from 6.7 per cent to 14.5 per cent. Cooper already holds a 4.99 per cent interest in Incremental.
Cooper is offering Incremental shareholders two options in its takeover bid, either 3.1 of its shares for each Incremental share or 50c cash and 1.9 shares.