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Antares Energy Limited (ASX:AZZ) has received a confidential and unsolicited takeover bid. The oil and gas explorer says the indicative and incomplete proposal is in relation to the acquisition of the entire issued capital of the company. 

 

Chairman and CEO James Cruickshank says should ongoing talks lead to an acceptable term sheet Antares will open its books to allow the bidder to undertake due diligence. 

 

The news comes only a few weeks after Antares revealed it has received a $US300 million offer for its US assets, about double the value of its market capitalisation.

 

At the time of the offer Mr Cruikshank advised he would travel to the US to hold meetings with the interested party. 

 

Shares in Antares Energy last traded at $0.59 before being placed into a trading halt last week. 

 

Antares Energy reported a net profit of $22.9 million over the full 2013 calendar year.