Cooper declares Incremental offer final

Cooper Energy Ltd has extended its takeover offer for Incremental Petroleum Ltd and declared the offer unconditional and final.

South Perth-based Cooper said today it will close the offer on November 7, a five-day extension to the original closing date.

Cooper is offering 50 cents cash and 1.9 of its shares for each Incremental share or 3.1 of its shares for every Incremental share.

Support for the Cooper bid stands at 21.8 per cent comprising a direct interest of 5.4 per cent and acceptances under the Institutional Acceptance facility at 16.4 per cent.

Incremental has previously advised its shareholders to reject the bid, saying the offer significantly undervalues the company.

Incremental said it had the support of some 13.5 per cent of shareholders who have committed to rejecting the bid.