Drillsearch Energy (ASX: DLS) yesterday increased its offer for Acer Energy (ASX: ACN) by 12% to $0.285, with the new bid gaining immediate support from some major shareholders. The offer values Acer at around $135 million.
Republic Investment Management Pte Ltd has accepted the revised offer and has given irrevocable instructions to its custodian to execute the acceptance of the offer for its remaining holding of 87,104,495 Acer shares.
The Wecker Family Super Fund has also advised Drillsearch that it has accepted the revised offer for 6,413,592 Acer shares.
Following the completion of these acceptances, Drillsearch will hold more than 40% of Acer.
Worth noting fellow Cooper Basin player Senex Energy (ASX: SXY) has a 7.6% stake in Acer.
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