Magnum Hunter to offer ~$45M for Ambassador Oil, to issue 5.1M shares

|About: Magnum Hunter Resources Corp. (MHRCQ)|By:, SA News Editor

Magnum Hunter (MHR) -2.7% premarket after disclosing that it filed with the Australian Securities Exchange a notice of intention to make a takeover offer for Ambassador Oil and Gas (AOIGF).

MHR plans to issue ~5.1M common shares to acquire 100% of Ambassador; it would offer one share of stock for every 27.8 Ambassador shares, implying total consideration of ~US$45.2M.