08:30 AEST Apr 20, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.
Adelaide, Australia (ABN Newswire) - Beach Energy Limited (ASX:BPT), as a majority shareholder of Somerton Energy, is considering its position in relation to the off-market takeover bid by Cooper Energy for Somerton Energy announced today. The offer price represents 21.8 cents per Somerton share for an all shares offer, and 21.9 cents per share for the shares and cash alternative and values Somerton at approximately $31.5 million.
On 19 April 2012, Cooper Energy Limited (ASX:COE) announced its intention to merge with Somerton Energy Limited (ASX:SNE) via an off-market takeover bid ('Offer'). The Offer available to Somerton shareholders may be taken up under either:
1. an all shares alternative - one Cooper share for every 2.8 Somerton shares, valuing Somerton at 21.8 cents per share; or
2. a cash and shares alternative - one Cooper share for every 4.73 Somerton shares plus 9 cents for each Somerton share, valuing Somerton at 21.9 cents per share.
The all shares alternative represents a 46% premium to the 30 day volume weighted average price of Somerton shares, and a 56% premium to the last trading price of Somerton shares on 18 April 2012. The Offer is subject to conditions set out in a release to the ASX by both companies today, including a 90% minimum acceptance condition.
Beach Energy Limited holds a 56.22% interest in Somerton. As a majority shareholder in Somerton, the Board of Beach is currently considering its position in relation to the Offer.
A Board meeting will be held in due course and, after obtaining all relevant approvals, an announcement will be made to the market regarding Beach's position in relation to the Offer.
About Beach Energy Limited:
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.
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08:30 AEST Apr 20, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.
