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Acer Energy may have alternative takeover offer that trumps Drill Search

Last updated: 02:20 25 Oct 2012 BST, First published: 01:20 25 Oct 2012 BST

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Acer Energy (ASX: ACN) may have another offer to compete with the Drill Search (ASX: DLS) takeover offer - in what is another example of Merger and Acquisition activity heating up on the ASX.

Acer has been granted a trading halt by the ASX this morning and placed in pre-open.

Drill Search recently announced a cash takeover offer for Acer Energy at $0.25 a share, but the market has been anticipating another offer indicated by Acer's shares trading at around $0.29.

Senex Energy (ASX: SXY) – Acer’s partner in PEL 100 and PEL 182 – having secured on 22 October a 7.6% stake in Acer, raising speculation that a bidding war was on the cards.

The halt will last until the earlier of an announcement being made to the market or the opening of trade on Monday 29th October.

 

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