IPM - Incremental Petroleum

pacestick · 30 October 2008

Sorry should have put this in my previous post
Incremental hints at third suitor

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October 29, 2008 - 6:45PM
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Takeover target Incremental Petroleum Ltd says it is possible a third suitor may be planning a bid for the junior oil producer.

Incremental also said it had asked its independent experts KPMG to broaden its review of Cooper Energy Ltd's $80 million bid to include a second, $83.7 million offer from Canadian firm TransAtlantic Petroleum Corporation, which was launched on Monday.

"The board will continue to look at all opportunities to provide maximum value to shareholders and believes it is possible that other parties with an interest in Incremental and its assets may come forward," Incremental chairman Chris Cronin said.

Incremental continues to advise shareholders to reject Cooper's final and unconditional bid, which it says is "neither fair nor reasonable".

Oil and gas minnow Cooper is offering 3.1 of its shares for each Incremental share or 50 cents cash plus 1.9 of its shares for each share in the target.

The offer values Incremental at between $65.5 million and $80 million based on Cooper's share price of 26.5 cents.

TransAtlantic's cash offer is $1.05 for each Incremental share and is conditional on a minimum acceptance level of 75 per cent.

Incremental has advised its shareholders to take no action in relation to this bid.

Shares in Incremental inched one cent higher to 98.5 cents.

pacestick · 1 November 2008

May you live in interesting times it appears that transatlantic is quite determined to get its 755 and is buying aggresivley with a very positive effect on the sp hope it keeps it up after coe offer is finished as coe can not make a further offer under the truth in takeover legislation

Mofra · 4 November 2008

The plot thickens today, enjoyable viewing for those economically minded.
COE runs to ASIC like a whining little kid who didn't get his lollypop, to extend the takeover offer beyond 7/11.
TransAtlantic Petroleum (as you'd expect) will be appealling against a move.

Fun times

pacestick · 5 November 2008

Mofra said:
The plot thickens today, enjoyable viewing for those economically minded.
COE runs to ASIC like a whining little kid who didn't get his lollypop, to extend the takeover offer beyond 7/11.
TransAtlantic Petroleum (as you'd expect) will be appealling against a move.

Fun times

If coe get the extension they may very well discover for want of a better word grounds to apply to takeover panel for an alteration in their offer, if so I would expect TA to trump it just wishing i guess

pacestick · 6 November 2008

coe havent got the extension so it looks like their bid is over whether the share will be held up by trans atlantic buying or start to fall will be interesting

Mofra · 6 November 2008

pacestick said:
coe havent got the extension so it looks like their bid is over whether the share will be held up by trans atlantic buying or start to fall will be interesting

Yup - just as interesting will be to see how COE decide to use their holding. Given the bid was hostile, it wouldn't appear logical to sign over their ~24% stake to the rival bidder, and the transatlantic bid will be difficult to get over the line without some support from Coopers holding if they don't want to try and waive the 75% acceptance ruling.

pacestick · 10 November 2008

coe have finished with 27%. Inteersting to see if ta keep buying up to the same level or perhaps a level at which ta plus board equals coe

pacestick · 10 November 2008

Just a thought will MD of coe keep his job after this debacle. yjays all I wanted to say this time but have to get up to minimum letter standard

laurie · 10 November 2008

pacestick said:
Just a thought will MD of coe keep his job after this debacle. yjays all I wanted to say this time but have to get up to minimum letter standard

lol don't think so 27% is a good foot in especially if they get board members on the IPM board the point is one has to consider if COE holding is going to cooperate with IPM or be a hinderance to IPM either way I hope they get on with the job of finding oil & gas

cheers laurie

pacestick · 11 November 2008

looks like tpa still accumulating but without coe buying is getting price to fall.I wouldnt ecpect them to stop before 20% i think they have to make an offer formally for anything after that amazed at people letting them get price lower . They have said they are prepared to pay $1.05 but some are prepared to sell it for less

pacestick · 21 November 2008

tpa seem to have stopped accumulating we might repeat might see a formal offer from them soon not that i think that will be the last of it

pacestick · 1 December 2008

coe not happy with tpa not making an offer is threatning to take the matter to the regulatory authorities

pacestick · 2 December 2008

TPA offer now in I dont know if it will make a lot of difference. I dont intend to sell at this price They have buckleys of getting 75% and without buying out COE and they will probably want a lot more than this . If so raises questions about how reasonable the bid was originally from COE

Kuri · 2 December 2008

How many firms recently have been offered a take over bid, stated that they are better off alone, the bid ultimatley fails and the share price never reaches the high of the take over offer again - Qantas, Aciano, Rio and of course incremental. The boards trying to save their own jobs in my opinion.

pacestick · 12 December 2008

looks like the large amounts being bought erratically are tpa getting their percentage up for as little as possible. I dont know why anyone would sell for less than $1.05 as they have said they are willing to pay that much

pacestick · 15 December 2008

formal offer from tpa just out the whole thing is conditional on the price of oil not going below $50.00 which it already has and tpa obtaining 75% of ipm which would mean coe selling to them. I am an amateur at this but it looks like a claytons offer to me . The takeover offer you make when you are not making a takeover offer but just satisfying the regulators perhaps? any comments would be welcome I Live in fear of having missed something

pacestick · 5 February 2009

revised offer from TA now unconditional and increased to $1.07 suspect that might do it although it is still a fraction of its worth but in this market

DOC · 5 February 2009

hi,
yes its been quite tempting to pick up some small parcels in the 86-90c mark, and on the other side of the coin also tempting to just accept the 1.05 offer and be done with all this reporting and valuations back and forth! (so much paper, so much time wasted reading!)
anyway having said that, the fact that transatlantic increased their offer ( even if its 2c) and that they have gone "UNCONDITIONAL", is great news.

Both trans and COE have put a lot of REAL effort and funding in order to grab this one, even if its just a piece of the IPM pie.
Watch this space!

its good to see this stock back above 1.00 again.

cheers,
Doc

eddyeagle · 18 February 2009

Looks like it's game-over for IPM.

Transatlantic now own 63%.
Directors selling big parcels.
Fat prophets have said accept the offer!

I guess I'll just have to take the 25% loss I am sitting on.
Lucky I only had a small holding...

DOC · 19 February 2009

eddyeagle said:
Looks like it's game-over for IPM.

Transatlantic now own 63%.
Directors selling big parcels.
Fat prophets have said accept the offer!

I guess I'll just have to take the 25% loss I am sitting on.
Lucky I only had a small holding...

agreed. and accepted. interested to see what the future holds for this one.
i've enjoyed my time in vegas. thanks.

IPM - Incremental Petroleum

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