Aurora Oil & Gas’s takeover bid of Eureka Energy is inching closer to reality after estimates show that Aurora already owns some 33 per cent of the company.

 

Despite Eureka’s directors accusing Aurora’s bid of $0.45 cents per share as grossly undervaluing the company, the company’s directors have admitted that they now believe shareholders should accept the bid in lieu of any other reasonable offer.

 

The directors conceded that the shareholders should accept the deal after Aurora declared $0.45 would be the ceiling price paid in the takeover bid. Coupled with current market conditions and an already substantial stake taken by Aurora, the directors have admitted that the takeover is all but an inevitability.