Shell Oil said today it raised its hostile bid for Barrett Resources to $60 per share from $55 and extended its tender date to May 9th.
Barrett previously called Shell's $55-per-share offer "inadequate" and said it would explore competing offers.
Shell has made no secret of its desire to build up its US natural gas resources, and Barrett's natural gas reserves provide an entry into the Rocky Mountain region.
Yesterday Barrett said it raised its estimate of proved reserves by over 50 per cent to 2.1 trillion cubic feet of natural gas after a review of independent reservoir engineers.
Shares of Barrett added $1.25 to $63.15 today on the New York Stock Exchange, topping the previous 52-week high of $62.90.
