New Zealand Oil and Gas (ASX:NZO) has launched an on-market $0.10 per share takeover offer for Cue Energy Resources (ASX:CUE), valuing the company at $69.8 million.
The all-cash offer is unconditional and at a 11.1% premium to Cue’s last traded price. It will not be increased in the absence of a competing proposal.
NZOG, which already has a 19.9% interest in the Cue, believes that its 5% interest in the producing Maari oil field in New Zealand, is a quality asset that fits its portfolio.
The company had $115.2 million in cash, deposits and joint venture cash as at 31st December 2015.
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