Third suitor joins scrap for oil driller

  1. 1,812 Posts.
    June 7 2002

    A third foreign suitor has entered the bidding war for oilfield services company Australian Oil & Gas Corp. Texan group Parker Drilling has trumped two Canadian offers.

    The US company is offering $2.50 cash for each AOG share and $1.30 cash per AOG option, valuing the Sydney company at $162 million.

    The offer eclipses Canada's Ensign Resources' revised offer of $2.40 for AOG shares and $1.20 for AOG options. Ensign's bid, which was lifted on Wednesday night, values AOG at $156 million.

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