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Oil and gas company Cooper Energy Limited (ASX:COE) has inked a $31.5 million deal to merge with its rival Somerton Energy Limited (ASX:SNE).
Cooper has made an off-market takeover bid for all of the shares in Somerton for a 56 premium to its closing price before the announcement.
Cooper says the merger is in line with its strategy to grow in the Otway Basin and build a well-funded production and exploration company.
Both boards have backed the deal, entered into a merger implementation agreement and urged shareholders to vote in favour of the offer.
Beach Energy Limited (ASX:BPT) holds a 56.22 per cent interest in Somerton Energy and says it is considering its position in relation to Cooper’s bid.
Cooper Energy booked a net loss of $4.1 million in the first half of the 2012 financial year.
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Last
$1.17 |
Change
-0.003(0.21%) |
Mkt cap ! $2.669B | |||
| Open | High | Low | Value | Volume |
| $1.16 | $1.18 | $1.16 | $3.411M | 2.934M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 17 | 484953 | $1.17 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.17 | 169067 | 24 |
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| BPT (ASX) Chart |