Thailand's BCPE Gains Majority Ownership of Takeover Target Nido Petroleum
BCP Energy International Pte Ltd. (BCPE), a wholly owned unit of Thailand's Bangchak Petroleum, reported Tuesday that its takeover offer for Nido Petroleum Limited (Nido) (the Offer) is now free of all conditions.
The announcement follows BCPE achieving a Relevant Interest greater than 50.1 percent of Nido Shares. BCE had a relevant interest of 1,116,715,615 Nido shares at 09:00am AEST Sept. 16.
BCPE will now proceed with accelerated payment terms to Nido shareholders. Shareholders that have already accepted the offer will now receive proceeds within seven business days. Any shareholder that has not yet accepted the Offer will receive proceeds within seven business days following receipt of their valid acceptance.
BCPE hopes Nido shareholders accept the Offer without delay now that BCPE has acquired a majority of the register. The unanimous recommendation of the Nido directors is a testament to the attractiveness and value of the Offer.
The Offer provides Nido shareholders with the certainty of cash and accelerated payment terms. It effecively de-risks them from Nido executing on its growth strategy as it delivers value for future growth today.
BCPE's Offer for Nido is scheduled to close at 7:00pm Oct. 3 (unless extended).
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