Cue Energy Resources (ASX:CUE) said it has appointed an Independent Board Committee comprising its current independent directors, Peter Hood, Greg Bishop, and Ric Malcolm, to evaluate and respond to the Horizon takeover offer, according to a Wednesday Australian bourse filing.

The company said the Horizon takeover offer, made on Monday, comprises proposed consideration of AU$0.008 in cash and 0.5625 fully paid ordinary Horizon shares for each Cue share.

The takeover offer, when dispatched, is required to remain open for at least one month, Cue said. The Independent Board Committee will set out its views on the proposed offer in a target's statement to be sent to all Cue shareholders, the filing added.

Cue's shares were up almost 12% in recent Wednesday trade, the highest level since October 2020, while Horizon's shares were down 3%.