Arrow trumps BG offer in bidding war for Australia’s Pure Energy

摘要

Sydney-The bidding war for Australian coal seam gas company Pure Energy intensified late February 11 after local player Arrow Energy trumped rival BG Group with a takeover offer valuing the target at A$890 million ($594 million). Arrow has raised its original offer, unveiled last December, by 21% to A$3 in cash and 1.57 of its own shares for every one held in Pure Energy, the company said in a statement. The offer represents a total consideration of A$7.16/share and is 12% higher than a A$6.40/share cash proposal tabled by UKbased gas major BG on February 9.