Drillsearch increases Acer offer

Company News

Drillsearch Energy Limited (ASX:DLS) will increase its all cash offer for Acer Energy Limited (ASX:INP) from 25.5 to 28.5 cents per share.
The increased share offer will come into effect if Drillsearch obtains a stake of 40 per cent or more for Acer.
Drillsearch says the offer represents a 12 per cent increase on its original offer and a significant premium to the historical price of Acer shares.
The oil and gas company now has an interest in just over 20 per cent of Acer shares due to acceptances under the previous offer.
The revised offer is open to Acer shareholders as of today.
Drillsearch generated a net profit of $10 million in the 2012 financial year.