Takeovers Panel Rejects Cue Energy Challenge to Horizon Oil Bid

An announcement from Cue Energy Resources Limited ( (AU:CUE) ) is now available.

The Takeovers Panel has declined to conduct proceedings on an application by Cue Energy Resources Limited challenging aspects of Horizon Oil Limited’s off‑market takeover bid. Cue had raised concerns over a pre‑bid agreement under which Echelon Resources Limited agreed to sell about 19.99% of Cue’s shares to Horizon and Echelon’s public statement of intent to accept Horizon’s offer for its remaining shares absent a superior proposal.

After Echelon undertook not to accept the bid for shares outside the pre‑bid agreement before 13 April 2026, the Panel found Echelon’s intention statement was consistent with its guidance and that there was no reasonable prospect of unacceptable circumstances. It found insufficient material to infer an association between Horizon and Echelon or breaches of consultancy standstill‑like provisions, meaning Cue’s challenge will not impede the progress of Horizon’s takeover bid, reducing regulatory uncertainty for the parties and shareholders.

More about Cue Energy Resources Limited

Cue Energy Resources Limited is an energy company involved in oil and gas exploration and production. The company is currently the target of an off‑market takeover bid by Horizon Oil Limited, positioning Cue within ongoing consolidation activity in the Australian energy sector.

Average Trading Volume: 698,112

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$97.97M

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