Suitor TransAtlantic has revealed a small fraction of Incremental Petroleum shareholders have accepted its takeover offer while its chairman has spent close to $16 million buying shares.
The Texan firm reiterated its call to Incremental shareholders to accept the $1.05 cash per share offer, with only 0.63 per cent accepting the deal so far.
TransAtlantic currently holds a 19.47 per cent interest, with 18.84 per cent of the stake bought by chairman Malone Mitchell for $15.77 million though a series of transactions.
TransAtlantic said Mr Mitchell's purchases indicated his commitment to the offer.
"We believe our offer of $1.05 per share represents a great opportunity for any shareholder to sell at a premium to the current trading price," Mr Mitchell said.
"We also believe that our offered price is at a substantial premium to where the Incremental shares would likely trade in the absence of our bid and my purchases."
In addition, the company said its cash offer compared favourably with the uncertainties associated with the future value of retention of Incremental shares.
The offer is due to close on January 30.
Shares in Incremental closed unchanged at 98 cents.
