05/02/2009 - 15:02

TransAtlantic sweetens Incremental bid

05/02/2009 - 15:02

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Shares in Incremental Petroleum have closed up nearly 23 per cent as suitor TransAtlantic Petroleum Corporation sweetens its takeover bid.

Shares in Incremental Petroleum have closed up nearly 23 per cent as suitor TransAtlantic Petroleum Corporation sweetens its takeover bid.

The Texas-based TransAtlantic has increased its cash offer from $1.05 per share to $1.07 and has freed the offer from all conditions.

It will also pay shareholders within 10 days of accepting the offer.

TransAtlantic currently holds a 20.43 per cent interest in Incremental, the majority of which has been bought by chairman Malone Mitchell on market.

Shares in Incremental closed up 19.5 cents or 22.67 per cent to $1.055 today.

Incremental has previously recommended shareholders reject the takeover bid, saying the offer was neither fair nor reasonable and independent expert KPMG had valued Incremental shares at between $2.14 and $2.70 each.

Last month, former suitor and 26 per cent shareholder Cooper Energy said it wants to help Incremental squeeze a better takeover offer from TransAtlantic and hosed down speculation that it could launch another takeover offer.

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