TransAtlantic sweetens Incremental bid

Shares in Incremental Petroleum have closed up nearly 23 per cent as suitor TransAtlantic Petroleum Corporation sweetens its takeover bid.

The Texas-based TransAtlantic has increased its cash offer from $1.05 per share to $1.07 and has freed the offer from all conditions.

It will also pay shareholders within 10 days of accepting the offer.

TransAtlantic currently holds a 20.43 per cent interest in Incremental, the majority of which has been bought by chairman Malone Mitchell on market.

Shares in Incremental closed up 19.5 cents or 22.67 per cent to $1.055 today.

Incremental has previously recommended shareholders reject the takeover bid, saying the offer was neither fair nor reasonable and independent expert KPMG had valued Incremental shares at between $2.14 and $2.70 each.

Last month, former suitor and 26 per cent shareholder Cooper Energy said it wants to help Incremental squeeze a better takeover offer from TransAtlantic and hosed down speculation that it could launch another takeover offer.