Ambassador Oil & Gas Ltd. (ASX:AQG) announced that its directors have accepted an unconditional takeover offer from Drillsearch Energy Ltd. (ASX:DLS) in respect of the shares of Ambassador they own.
As quoted in the press release:
As at the close of trading on 25 August 2014, the implied value of the Drillsearch Offer is $0.335 per Ambassador Share, based on Drillsearch’s closing share price of $1.54 on 25 August 2014.
This implied value represents a premium of 71.89% to the closing price of Ambassador shares of $0.195 on 23 May 2014, being the trading day before Ambassador entered into a trading halt pending announcement of Drillsearch’s initial offer on 28 May 2014.
The Drillsearch Offer is for 1 Drillsearch Share (ASX: DLS) for every 5.4 Ambassador Shares plus 5 cents cash for every Ambassador Share. The Drillsearch Offer is unconditional and is scheduled to close at 7.00pm (Sydney time) on 27 August 2014 (unless further extended). The Drillsearch Offer is now open for acceptance.