Exploration and production company Platinum Energy Resources Inc. is under fire from a hostile takeover bid.
Houston-based Platinum Energy (OTCBB: PGRI) said Wednesday that Pacific International Group Holdings LLC made an unsolicited offer to purchase all of the shares it did not currently own at 50 cents per share.
Pacific is looking to acquire 11 million shares in addition to the 10 million it already holds. The deal would be valued at over $5.5 million.
Platinum’s board of directors say they have evaluated the offer and unanimously rejected it.
Shares of Platinum Energy soared on the news, jumping 26 cents Wednesday to 55 cents in mid-afternoon trading.
