Central rejects Macquarie takeover bid

Central has granted due diligence access to allow Macquarie Group to make an improved takeover bid.

Central Petroleum has rejected a takeover bid by Macquarie Group that values the ASX-listed energy producer at $75.8 million.

Central says a scheme of arrangement worth 17.5 cents per share is not in the best interests of shareholders, even though it offers a 29.6 per cent premium to the company's current share price.

Central's board has granted due diligence access to allow Macquarie, which already has a 2.3 per cent stake and is Central's main lender, to make an improved bid.