Macquarie Group has raised its bid for oil and gas minnow...

Macquarie Group has raised its bid for oil and gas minnow Central Petroleum, with the target entering a trading halt today as it assesses the new deal.
The development comes after a November bid from Macquarie worth $75.8 million was knocked back by the Central Petroleum board.
At that time the Richard Cottee-led Central Petroleum (CTP) had said it was open to a higher offer than the 17.5 cent proposal.
The company’s shares closed yesterday at 16.5c after trading around 13.5c just prior to the initial bid from Macquarie.
In an update today, Central Petroleum said a statement — likely to be an acceptance of the bid — would be forthcoming by Monday.
“Central Petroleum requests a trading halt to its securities effective immediately, pending an announcement to be made by the company regarding a revised offer from Macquarie to acquire 100 per cent of the company’s issued capital,” the company said today.
In November, the group said it had granted due diligence access to Macquarie to encourage a higher offer.
Macquarie already has a 2.3 per cent stake in its target and serves as its chief financier. It drew closer ties in December by purchasing Santos’ 50 per cent holding in the Mereenie oil and gas field near Alice Springs, making it a JV partner with Central Petroleum.
Central Petroleum has long drawn the limelight given its grand ambitions in the Northern Territory, with the appointment of high-profile energy sector executive Mr Cottee in 2012 further sharpening the spotlight.
Mr Cottee gained fame as he led Queensland Gas Company from a minnow to an eventual sale to BG Group for $5.7 billion in 2008.

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