Magnum Hunter gives way on Ambassador Oil chase
US energy player Magnum Hunter Resources has effectively given up in the takeover tussle for Cooper Basin junior Ambassador Oil & Gas, declaring it has “no present intention” to increase its offer price.
US energy player Magnum Hunter Resources has effectively given up in the $50 million takeover tussle for Cooper Basin junior Ambassador Oil & Gas , declaring it has “no present intention" to increase its offer price, leaving the way clear for rival suitor Drillsearch Energy .
Ambassador shares were down 7.1 per cent in early afternoon trading. Drillsearch was 2.8 per cent lower.
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