BG Group Ready to Clinch Deal for Pure Energy
BG Group announced that its takeover offer for Pure Energy Resources Limited is currently scheduled to close at 7.00 pm (Sydney time) on Monday, March 23, 2009.
Following the close of the offer for Pure by Arrow Energy Limited on March 13, 2009, BG Group's Offer is now the only offer open for acceptance by Pure shareholders.
BG Group now has a relevant interest in approximately 36% of Pure shares. Royal Dutch Shell, which has an interest in approximately 11% of Pure, announced on March 3, 2009 that it intends to accept BG Group's Offer for Pure, in the absence of a superior offer.
BG Group announced on February 27, 2009 that it will increase its offer price from A$8.00 to A$8.25 per Pure share if it has acquired a relevant interest in 90% or more of Pure's ordinary share capital by the close of BG Group's offer period. BG Group's conditional offer price of A$8.25 is final, in the absence of a superior proposal.
Pure shareholders who sell their Pure shares on-market may incur brokerage charges and will not be entitled to receive the higher price of A$8.25 per share, should it become payable.
Pure's independent directors have unanimously recommended that Pure shareholders accept BG Group's Offer and have further advised that Pure's share price is likely to fall if BG Group's Offer is not successful.
BG Group will despatch a payment of A$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 A$0.25 per share will be despatched to all Pure shareholders who have accepted into BG Group's Offer.
Operates 31 Offshore Rigs
- Oil's Heavy Hitters Line Up to Dive Into Mexico's Deep Waters (Jan 26)
- UK Firm Intertek Says Employee Involved in Shell Oil Theft Case (Jan 17)
- Shell Looks Beyond Road Fuels to Secure Future of Refining (Nov 06)
Company: BG Group more info
- Shell Mulls LNG-Hub Network as Use by Ships and Trucks Expands (Jul 11)
- Tanzania Laws Would Allow Govt to Tear Up Mining, Energy Deals (Jun 29)
- Despite Cuts, Big Oil to Expand Production into the 2020s (Sep 05)
Company: Arrow Energy NL more info
- Dart Increases Equity Stake in FLG (Dec 17)
- Shell-PetroChina JV Hits Bulls-Eye in LNG Market (Mar 22)
- Golar LNG Terminates Gladstone LNG Agreements (Mar 16)