Armour Energy Limited (ASX:AJQ) says it’s directors are advising shareholders to accept an increased offer from Westside Corporation of 20 cents per share which values the company at around $61 million. 
 

China-owned Westside had previously offered 12 cents per share which valued the company at $36.6 million. Shares in Armour were trading at around 5 cents just two months ago. 
 

As a further sweetener Armour will declare a dividend in specie of 6.98 shares in Lakes Oil NL for each Armour share held until the Westside Offer becomes unconditional which adds around 1.4 cents value per share. 
 

Armour Energy reported a net loss of $6.58 million for the 2015 financial year.