TransAtlantic Australia Increases Takeover Bid for Incremental
TransAtlantic's wholly-owned subsidiary, TransAtlantic Australia, has increased its all cash takeover offer (the "Offer") for all of the shares of Incremental Petroleum Limited ("Incremental").
TransAtlantic Australia increased its all cash bid from Australian $1.05 per share to Australian $1.07 per share (equivalent to $0.85 CDN or $0.69 USD). This represents a premium of 24% to the Incremental closing price of Australian $0.86 per share on February 4, 2009. In addition, TransAtlantic Australia has agreed to remove all conditions to the Offer and will accelerate the payment to all Incremental shareholders who tender their shares under the Offer so that they are paid within ten business days of receipt of a valid acceptance.
There are 79,735,605 Incremental shares currently outstanding. As of the date of this announcement, the Company and its Chairman, N. Malone Mitchell 3rd, own or have received acceptances under the Offer in respect of 20.43% of Incremental's outstanding shares.
The Company has entered into a credit agreement with Dalea Partners, LP, an entity controlled by Mr. Mitchell, for the financing of the Offer. Under this arrangement, Dalea Partners, LP will advance to the Company funds sufficient to enable TransAtlantic Australia to acquire all of the Incremental shares under the Offer, plus pay TransAtlantic Australia's transaction costs.
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Company: Incremental Petroleum more info
- TransAtlantic Petroleum Snaps Up Incremental Petroleum (Mar 06)
- Incremental Nods TransAtlantic's Increased Takeover Bid (Feb 12)
- TransAtlantic Australia Increases Takeover Bid for Incremental (Feb 05)