Canada’s Baytex makes A$1.8bn bid for Aurora Oil & Gas
PERTH (miningweekly.com) – Dual-listed Aurora Oil & Gas has become the target for a A$1.8-billion takeover from TSX-listed Baytex Energy.
ASX- and TSX-listed Aurora announced on Friday that the company had entered into a scheme implementation deed with the Canadian firm, which was offering Aurora shareholders A$4.10 in cash for every share held.
The offer represented a 52% premium to Aurora’s volume-weighted average price for the last week, and a 46% premium to the share price over the last month.
The company’s directors have thrown their weight behind the proposal, in the absence of a superior offer, and subject to an independent expert evaluation.
“While as a board we believe Aurora is well positioned and are confident in its future growth outlook, the board has undertaken a thorough assessment of the proposal from Baytex and believes it represents an attractive opportunity for shareholders to realise value at a significant premium to the current share price,” said Aurora executive chair John Stewart.
Aurora currently has about 80 000 acres of land across the Eagle Ford Shale, in the US, including 22 000 net acres within the liquid-rich zones on the trend. The company has over 380 wells producing on its acreage.
Baytex is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian sedimentary basin, and the Williston basin, in the US.
The proposed transaction is subject to a number of conditions, including shareholder and regulatory approval.
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