Central Petroleum Limited
(ASX:CTP) has announced that on the 10 November it received an unsolicited, indicative and non-binding proposal from Macquarie Group.
Macquarie are looking to acquire 100 percent of the issued capital of the business by way of a scheme of arrangement, priced at 17.5 cents per share.
Macquarie is currently a shareholder of Central Petroleum and its principal financier.
Central Petroleum’s board of directors has determined the offer is not in the best interests of shareholders, however will grant due diligence access to Macquarie should it wish to reconsider its proposal.
Central Petroleum Limited reported a net loss of $21 million at 30 June 2016.