BG Group Sweetens Takeover Bid for Pure
BG Group will increase its recommended all cash takeover offer for Pure Energy Resources Limited from $8.00 to $8.25 per share, on condition that BG Group has acquired a relevant interest in 90% of Pure's ordinary share capital by the close of the BG Group offer period.
The conditional offer price of $8.25 is final in the absence of a superior proposal.
On February 18, 2009, the Board of Pure recommended to Pure shareholders that they should accept BG Group's Offer of $8.00 a share. The independent directors of Pure, together with key shareholders, Mr. Tom Fontaine and Mr. Karl Meade, have now accepted into the BG Group Offer.
BG Group is now the largest shareholder in Pure, with a relevant interest in 28.9% of Pure's ordinary share capital.
BG Group will despatch a payment of $8.00 per share to all accepting Pure shareholders within 5 business days of the receipt by BG Group of a valid acceptance. If BG Group acquires a relevant interest in 90% of Pure's ordinary share capital by the close of the offer period, an additional payment of $0.25 per share will be despatched to all Pure shareholders who have accepted into BG Group's Offer.
BG Group's Offer is currently scheduled to close at 7.00 pm (Sydney time) on March 23, 2009.
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