Oil and gas explorer Beach Energy Ltd (ASX: BPT) has secured majority control of Impress Energy Limited (ASX: ITC) by lifting its relevant interest in Impress to above 50 per cent.

On December 6, 2010, Beach announced a recommended and unconditional on-market cash offer for all of the issued and outstanding shares of Impress that it did not own, for 8.5 cents per share.

Beach Managing Director Reg Nelson said "As Beach now has a controlling stake in Impress, it is highly unlikely that any counter offer would be made for the company."

"We are pleased that so many Impress shareholders have taken the opportunity to accept the offer and would encourage remaining shareholders to do likewise."

Beach said the remaining Impress shareholders are encouraged to accept the offer because it is highly unlikely an alternative bid will emerge as Beach now has a relevant interest of more than 50 per cent of Impress.

"The Offer represents a significant premium to the price that Impress was trading at prior to Beach announcing its intention to merge with Impress via a scheme of arrangement on 22 November 2010," Beach said.

According to the company, the offer is unanimously recommended by Impress directors and many Impress shareholders have already accepted the offer.

It said the remaining shareholders are likely to have their shareholding diluted by the future capital requirements of Impress and those who do not accept the offer face potential share price risk and reduced liquidity once the offer closes.

The offer to Impress shareholders will close on January 24, 2011, unless extended or withdrawn.

Beach said "Until that time, the remaining Impress shareholders have the opportunity to sell into the offer and capture value for their shareholding.

"Impress shareholders can accept the offer by instructing their broker to sell their shareholding to Beach through its broker for the offer, Euroz Securities Ltd."

At 1218 AEDT, shares in Beach gained half a cent at 79.5 cents. Impress was steady at 8.5 cents.