Acer Energy said Thursday that it has received a rival takeover offer to a $120.4 million (AUD 118 million) acquisition bid by Drillsearch Energy.
Acer, which has placed its shares in a trading halt, did not name the rival bidder.
Drillsearch responded Thursday with an increased cash offer to Acer. The company said in a statement that it will increase its offer price from 28.5 Australian cents per Acer share, up from its previous 25.5 Australian cents offer, valuing Acer at $137.1 million (AUD 132.3 million).
Drillsearch said in a published statement that it "urges Acer shareholders to accept its offer now."
Both of the companies were unreachable for comments on Thursday.
Drillsearch is an oil and gas explorer and producer focused on the highly-prospective onshore Cooper-Eromanga Basin. Acer has oil and gas exploration plays in the same area, as well as the Bass Basin.
Both of the companies are listed on the Australian Securities Exchange.
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