09/03/2009 - 10:56

US firm to wrap up Incremental purchase

09/03/2009 - 10:56

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The takeover battle for Incremental Petroleum has closed with Texas-based suitor TransAtlantic Petroleum moving to compulsorily acquire the remaining shares.

The takeover battle for Incremental Petroleum has closed with Texas-based suitor TransAtlantic Petroleum moving to compulsorily acquire the remaining shares.

TransAtlantic emerged with the 96.02 per cent stake in Incremental when the offer closed last Friday.

The US company said it will move to acquire the remaining shares it does not own.

The takeover battle for Incremental started around September last year by South Perth-based Cooper Energy, which launched a cash and scrip bid.

Towards the end of Cooper's offer, TransAtlantic indicated it would launch a cash takeover offer for Incremental.

Both offers were then rejected by Incremental directors.

Last month Cooper, which had acquired a 27 per cent in Incremental, accepted TransAtlantic's cash offer of $1.07 per share.

A week later, the directors of Incremental accepted TransAtlantic's offer after securing a further increase in the cash bid to $1.085 per share, valuing the bid at $86.5 million.

Shares in Incremental was unchanged at $1.08 at 13:10 AEDT.

 

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