BG Group has announced the lodging of a Bidder's Statement with the Australian Securities and Investments Commission setting out details of the A$15.50 per share all-cash offer to acquire all of the issued shares in Origin Energy Limited. The Bidder's Statement has been lodged by BG Group's indirectly wholly-owned subsidiary, BG International (AUS) Investments 1 Pty Limited.
"We are pleased to be able to put to Origin shareholders directly the details of our all-cash offer," said BG Group's Chief Executive, Frank Chapman. "Our offer gives shareholders the opportunity to secure a 72% premium, which is particularly attractive in the current adverse market environment.
"In our view, Origin's recent public statements have failed adequately to define its alternative and have failed properly to address the impact of reversionary rights, as well as the inherent risk in Origin's reported reserves estimates. We believe that shareholders require a greater degree of clarity from Origin on these matters. BG Group's offer will remain open for a reasonable period.
"Origin will need to give its shareholders the opportunity to vote on any alternative that it may wish to propose during our offer period. We would urge shareholders to weigh up their options carefully.
"BG Group intends to invest in all of Origin's Australian businesses and to retain Origin's brand. We also plan to develop Origin's employees, as well as create new jobs across the company," said Chapman.
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