Cue Energy Resources' (ASX:CUE) independent board committee continued to unanimously recommend that Cue shareholders reject the unsolicited, off-market takeover offer from Horizon Oil (ASX:HZN), noting that Horizon declared the offer consideration "best and final," with no increase in the consideration proposed in the absence of a competing proposal, according to a Wednesday Australian bourse filing.

As of Tuesday, Horizon secured acceptances in respect of 17.1 million Cue shares, or around 2.4% of the total Cue shares currently on issue, other than the shares held by Echelon Offshore, per the filing.

If Horizon fails to obtain acceptances in respect of at least 80% of Cue shares, scrip-for-scrip capital gains tax rollover relief will not be available to Cue shareholders who accept the offer, the committee said.

Horizon has not yet declared the offer unconditional. The offer is set to close on June 19, unless it is extended or withdrawn.

Horizon's shares fell 2% in recent trading on Wednesday.