Antares Energy shares have fallen six per cent as the company fights off a challenge from activist US fund Lone Star.
A takeover offer for the oil and gas company, which is yet to be disclosed, comes at a turbulent time for Antares' board of directors, dealing with the Lone Star ructions.
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.
Lone Star said it was incumbent on Antares to immediately reveal details about the takeover offer.
"Lone Star has contacted ASX requesting that Antares release all the details of the offer so that shareholders are fully informed prior to voting," Antares said.
"Given the failed track record of the current board to deliver on previous proposed asset sales, what faith can shareholders have that this bid has any merit or that it ascribes fair value to all shareholders."
Meanwhile, Antares has also received a $US300 million offer for its assets in Texas' Permian Shale Basin.
Share
