DLS is late for the move. MHR will not give up easily, page-44

[[[[this is a newspaper article just out]]]]The takeover battle for energy junior Ambassador Oil and Gas is heating up, with Magnum Hunter lifting its offer.
US-based Magnum has been trying to win control of Ambassador but faces stiff opposition from Drillsearch, which on Monday topped up its share swap offer with cash.
Magnum responded on Tuesday by increasing its bid to the equivalent of 38 cents per Ambassador share, saying it was worth 15 per cent more than Drillsearch's increased bid.
Magnum is now offering one of its shares for every 23.6 Ambassador shares.
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It also is making an application to the Takeovers Panel amid concerns about key Ambassador shareholders who have accepted Drillsearch's revised offer.
Ambassador has recommended the revised Drillsearch offer, saying it was superior to Magnum's due to various conditions placed on the US offer.
About a third of Ambassador's shareholders have accepted Drillsearch's offer, including chairman David Shaw and chief executive Guistino Guglielmo, who together hold a 6.34 per cent stake.
Magnum says their acceptance of the Drillsearch offer has denied other Ambassador investors the chance to consider the improved Magnum offer and has handed control of the company to Drillsearch.
"Magnum Hunter is concerned that such acceptances have not taken place in an efficient, competitive and informed market and are inconsistent with the actions that would normally be associated with achieving the best possible outcome for Ambassador shareholders," Magnum said in a statement.
"Consequently, Magnum Hunter intends to make an application to the Takeovers Panel in relation to these circumstances."
Magnum said its fresh offer was superior to that of Drillsearch and that it believes its New York-listed common stock is a more attractive investment than Drillsearch ordinary shares.
Ambassador has exploration assets in South Australia's Cooper and Eramonga onshore oil and gas basins.
Drillsearch, which now holds more than 50 per cent of Ambassador's stock, has assets in the same region.
Ambassador shares were due to resume trading at 1100 AEST, while Drillsearch had added 2.5 cents to $1.535 at 1011 AEST


Read more: http://www.smh.com.au/business/mini...il-heats-up-20140617-3aa36.html#ixzz34r9mmLYm