Oil and gas explorer Drillsearch Energy's hostile bid for 3D Oil has failed, the target says.
The hostile bid for 3D Oil has "failed to satisfy its 50 per cent minimum acceptance condition and its offer has lapsed," 3D Oil announced to the stock exchange today.
3D Oil Chairman Campbell Horsfall said he was pleased "the overwhelming majority of shareholders" supported the board's unanimous recommendation to reject the offer.
AAP
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Percentages denote the interest rate
