12:17 PM EDT, 08/02/2018 (MT Newswires) -- Junex (JNX.V) was down 6% after it rejected an unsolicited offer on Tuesday, choosing to stick with an existing bid for the Quebec oil and gas explorer.
The company said the offer of up to $0.55 per share, raised a day earlier from $0.45, from closely held Utica Resources, remains inferior to an existing bid from Cuda Energy.
"The (Cuda) arrangement agreement offers more deal certainty, as there is a signed agreement in place with Cuda that has received overwhelming support from Junex's shareholders," it said in a release. "To date, 98% of votes received in connection with Junex's special shareholder meeting to be held today have been cast in favour of the arrangement agreement."
The company's shares were last seen down $0.03 to $0.46 on the TSX Venture Exchange.