• Horizon offers to acquire all Cue shares it does not already own
• Offer consideration of $0.008 cash and 0.5625 Horizon shares per Cue share
• Offer represents a 10% premium to Cue's closing price on the last trading day

Horizon Oil Limited (ASX:HZN) has announced an off-market takeover offer to acquire all of the fully paid ordinary shares in Cue Energy Resources Limited (ASX:CUE) that Horizon does not already have a relevant interest in. Under the offer, each Cue shareholder will receive a combination of $0.008 cash and 0.5625 Horizon shares for each Cue share held. As of the last trading day, this offer consideration represented a value of approximately $0.143 per Cue share, which is a 10% premium to Cue's closing price and a 16.3% premium to the 30-day VWAP. If successful, existing Cue shareholders will hold 16.31% of the combined group, while existing Horizon shareholders will own 83.69%. Horizon believes the combination may deliver strategic and financial benefits, including increased scale, an expanded asset portfolio, and potential synergies of up to $2 million per year. The offer is subject to several conditions, including a 50.1% minimum acceptance condition and regulatory approvals.