Sydney—The battle for control of Australian independent Ambassador Oil and Gas heated up Thursday with Drillsearch Energy’s announcement it has completed the friendly acquisition of a 19.9% stake in the takeover target. Drillsearch agreed to the stock purchase, completed Wednesday, with a number of Ambassador shareholders last month, when it announced an off-market offer for the company. Under terms of the offer, Ambassador shareholders would receive one Drillsearch share for every 5.4 Ambassador shares.
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