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.