Adelaide Backs Beach Bid

摘要

Directors of Adelaide Energy have unan- imously recommended that its sharehold- ers accept a takeover bid from Australian midsize player Beach Energy in the ab- sence of a better offer, Beach said on Fri- day. The firm, which on Nov. 7 made an unconditional cash offer of A20￠ (US21￠) per share for all the Adelaide shares it did not already own, has since lifted its inter- est in the minnow to 71.46% (IOD Nov.11'11). The Adelaide recommenda- tion marks a shift in its earlier stance, when directors said the bid undervalued the company and asked shareholders to reject it. The offer closes on Dec. 22.