Incremental withdraws Panel appeal

Incremental Petroleum Ltd has withdrawn its application to the Takeovers Panel after being satisfied with hostile suitor Cooper Energy Ltd's replacement bidder's statement.

Earlier this week, Incremental had lodged an application regarding the $104 million takeover by Cooper, saying there were certain deficiencies in the original statement.

"The issues the subject of Incremental's application have now been resolved to the satisfaction of the parties by additional information included in a replacement bidder's statement," the Takeovers Panel said.

Cooper is offering 3.1 of its shares for each Incremental share which, if the companies merge, will give the combined entity a market capitalisation of around $200 million.

Cooper is also offering 50 cents cash and 1.9 of its shares for every Incremental share, with a market capitalisation of $171 million for the combined company.

The offer is due to open on October 2 and is scheduled to close on November 2 unless extended.