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Horizon Oil Limited (ASX:HZN)

ALERT: Price-sensitive ASX Announcement for HZN
Current share price for HZN : $0.220 0 (0%)+
Announcement
Release
11 Jun 2026 4:52PM
Price at Release
$0.220
Full Release
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Summary
Cue Energy Resources Limited has issued a Second Supplementary Target's Statement in response to Horizon Oil Limited's takeover offer. The Independent Board Committee of Cue recommends shareholders reject this offer, which Horizon has labeled as 'best and final'. Despite securing only about 2.4% of Cue's shares, Horizon has not increased their offer or declared it unconditional. Cue remains financially secure with A$16 million in cash and no debt. The offer, which closes on June 19, 2026, depends on meeting several conditions, including Horizon obtaining 80% of Cue shares for certain tax reliefs.
Key Points
  • Cue Energy Resources Limited's board unanimously recommends rejecting Horizon Oil Limited's takeover offer.
  • Horizon Oil declared their offer as 'best and final' without intention to increase it unless a competing proposal arises.
  • Horizon Oil has acquired acceptances for approximately 2.4% of Cue's shares.
  • Cue is financially stable with A$16 million in cash as of May 2026 and no debt.
  • Horizon has not declared the offer unconditional yet.
  • The offer hinges on conditions including obtaining 80% of Cue shares for tax relief benefits.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.