Cue Energy Challenges Horizon Oil Takeover Bid at Takeovers Panel

Cue Energy Resources Limited ( (AU:CUE) ) just unveiled an announcement.

Cue Energy Resources has applied to the Takeovers Panel over Horizon Oil’s off-market takeover bid and related arrangements with major shareholder Echelon Resources, alleging these dealings may undermine an efficient and competitive market for control. The company argues that Horizon’s pre-bid agreement with Echelon, Echelon’s stated intention to accept the bid, and the conduct of overlapping directors have reduced the likelihood of a genuine control auction and may involve undisclosed associations and breaches of takeover provisions.

Cue is seeking interim orders to prevent Echelon from accepting Horizon’s offer and to stop Horizon processing any such acceptances while the Panel considers the case. It is also requesting final orders to relax Echelon’s acceptance commitments, compel Echelon to support any superior proposal, grant withdrawal rights to shareholders who have accepted during proceedings, and require additional disclosure, a package of measures that could reshape the bid dynamics and protect minority investors’ interests.

The most recent analyst rating on (AU:CUE) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Cue Energy Resources Limited stock, see the AU:CUE Stock Forecast page.

More about Cue Energy Resources Limited

Cue Energy Resources Limited is an oil and gas exploration and production company listed on the ASX. The company focuses on developing and producing hydrocarbon assets, with its shareholder base including substantial holder Echelon Resources Limited, which owns just under half of Cue’s shares and has significant board representation.

Average Trading Volume: 564,252

Technical Sentiment Signal: Buy

Current Market Cap: A$101.5M

Find detailed analytics on CUE stock on TipRanks’ Stock Analysis page.