NEW YORK (AP) -- Montclair Energy LLC said Monday that Equal Energy's board has rejected its $142.4 million acquisition offer.
The $4 per share offer price was a 15 percent premium to Equal Energy Ltd.'s Friday closing price of $3.49.
Equal Energy shares rose 29 cents, or 8.3 percent, to $3.78 in midday trading. Over the past year shares of the Canadian oil and natural gas exploration, development and production company have traded between $2.39 and $4.05.
Equal Energy Ltd. has about 35.6 million outstanding shares, according to FactSet.
Privately held Montclair Energy said that it plans to evaluate all of its strategic options, which it said may include nominating independent directors to Equal Energy's board. The company said that it currently is not soliciting proxies or consents from Equal Energy shareholders and that it would be open to further discussions with Equal Energy management.