Arrow spin-off Dart buys Apollo Gas for $121 million

摘要

Melbourne, Australia-Newly established Australian coalbed methane company Dart Energy September 28 launched a friendly A$126 million ($121 million) all-scrip takeover offer for another local CBM explorer, Apollo Gas. Dart's offer comprises three of its shares and options for every four shares and options held in Apollo, implying a value to Apollo of A$0.79/share, the companies said in a joint statement. The offer represents a 29% premium to Apollo's September 24 closing price of A$0.61/share and a 32% premium to its average price over the previous 30 days of trading.