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Amerisur Resources confirmed that it had received a takeover approach from Maurel & Prom but had concluded that its offer under-valued the company.
Maurel & Prom had suggested a possible offer of 12.5p per share in cash and 4.5p per share in Maurel & Prom shares.
Amerisur Resources last Friday announced that it had launched a formal sale process after receiving a takeover approach.
On Monday, it confirmed that Maurel & Prom had accepted an invitation to participate in that sales process.
The company added that a 'number of conversations' had taken place with interested parties since Friday and that it was 'confident that a competitive process involving several of these potential counterparties can be completed to the benefit of all shareholders'.
At 1:53pm: (LON:AMER) Amerisur Resources PLC share price was +1.33p at 17.85p