Antares receives takeover offer
Shares in oil and gas company Antares Energy have been placed in a trading halt, pending the announcement of a takeover proposal.
The takeover offer, which is yet to be disclosed, comes at a turbulent time for Antares' board of directors, who are fighting off a challenge from activist US fund Lone Star.
Antares will hold a shareholder meeting next week for investors to vote on Lone Star's proposal to sack two members of the company's board and appoint five of their own.
But Antares has accused Lone Star, which owns six per cent of the company, of trying to take control of the business without having to pay a premium.
Meanwhile, Antares has also received a $US300 million offer for its assets in Texas' Permian Shale Basin.
Antares shares have been placed in a trading halt until Monday, ahead of the release of details of the takeover proposal.
