Hong Kong predator extends Orchard offer again

TAKEOVER predator Eskdale Petroleum has extended its $175 million offer for California-focused Australian junior Orchard Petroleum for a second time.

The company – a wholly owned subsidiary of Hong Kong-based Crosby Capital Partners – yesterday extended the offer by a week, from March 1 to March 8.

It had previously extended it from February 15 to March 1.

As of mid-January, Eskdale had received acceptances for 37.24% of Orchard, which has recommended its shareholders accept the revised cash offer of 81c for each share.

This is a 39.7% premium to Orchard's closing price the day before the offer was made over three months ago.