Battle for Australian Ambassador takes new turn

摘要

Sydney—Independent US explorer Magnum Hunter Resources Corp. has succeeded in temporarily stopping Australia’s Drillsearch Energy from processing shareholder acceptances of its takeover offer for Ambassador Oil and Gas. Magnum Hunter—which has also made a takeover bid for Ambassador—lodged an application with the Australian government’s Takeovers Panel on Wednesday, seeking to nullify Drillsearch’s acquisition of a 19.9% stake in Ambassador.