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The battle to gain control of Ambassador Oil and Gas Limited (ASX:AQO) has intensified with another suitor sweetening its offer.
US corporation Magnum Hunter Resources has now lifted its bid to value Ambassador at $0.38 per share from an earlier offer price valuing Ambassador at $0.34 cents per share. Magnum Hunter has declared the offer unconditional and says it plans to make an application to the Takeovers Panel.
The news comes after Australian listed oil and gas explorer Drillsearch Energy Limited (ASX:DLS) yesterday increased its bid to value Ambassador at $0.338 per share.
Drillsearch already owns a 20 per cent stake in Ambassador and has earlier claimed its offer has support from other major shareholders unless a better offer emerges.
Ambassador Oil and Gas reported a net loss of $233,000 in the first half of the 2014 financial year.
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