Australia's Orchard Petroleum backs offer for Crosby

摘要

Sydney-Crosby Capital Partners has improved its proposed cash takeover offer for Australian junior Orchard Petroleum by 19%, prompting a recommendation from Orchard's board that shareholders accept the deal. Asia-focused merchant banking and asset management group Crosby Capital unveiled plans for a A0.68 (52 cents)/share offer for Orchard in early October, but has sweetened the proposal to A0.81/share, valuing the company at around A175 million (134 million) on a fully diluted basis. The offer should close late December or early January.