Drillsearch Energy has announced an off market takeover for all of the shares in ASX listed Ambassador Oil & Gas

Drillsearch Energy has announced an off market takeover for all of the shares in ASX listed Ambassador Oil & Gas. Drillsearch, who already hold substantial acreage in the Cooper Basin, say the deal will consolidate their holdings in the Northern Cooper Basin. The all scrip offer implies a 51% premium to the 3 month historical volume weighted average price of $0.193ps. Importantly the bid has been endorsed by the Ambassador Board and Drillsearch claims to have attained the blessing of shareholders representing over 17% of the Ambassador register. Ambassador Chairman, David Shaw, said The Offer represents a compelling opportunity for all Ambassador shareholders to capture a premium for their shareholding, retain exposure to Ambassador's key asset, and to become part of a profitable mid-tier oil and gas producer. Drillsearch has already obtained a 19.9% stake in Ambassador making the chance of a superior proposal unlikely. Full release: (VIEW LINK)