02:02 PM EDT, 07/27/2018 (MT Newswires) -- Junex (JNX.V) on Friday rejected an unsolicited acquisition offer from closely held Utica Resources, saying it was inferior to an existing bid from Cuda Energy.

The Quebec-based oil and gas producer said the $0.45 per share bid, plus a right worth a minimum $0.10, is of less value than its planned combination with Cuda, saying it would prevent shareholders from benefiting from the company's oil projects during a period of rising prices, along with other factors.

"The board remains of the view that the reasons for recommending the (Cuda) Arrangement Agreement ... remain applicable and appropriate in the circumstances and that the arrangement with Cuda is in the best interests of Junex and all its stakeholders," the company said in a release.

Junex shares were unchanged at $0.47 at last look on the TSX Venture Exchange.

Price: 0.48, Change: +0.01, Percent Change: +1.06