Sydney-Australian junior Drillsearch Energy June 17 urged its shareholders to reject a A$55 million ($44 million) scrip takeover offer from Beach Petroleum, which it described as "inadequate and opportunistic." Beach unveiled a one-for-27 scrip offer for Drillsearch on May 5 (ON 5/6). At Beach's June 16 closing price of A$0.86/share, the offer valued Drillsearch at A$0.032/share, lower than the target's closing price of A$0.033/share.
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