arc energy to offer 1.175 shares for each anzo, page-2

SYDNEY (Dow Jones)--Anzon Australia Ltd. (AZA.AU) said Wednesday its board will unanimously approve a takeover bid from ARC Energy Ltd. (ARQ.AU).

ARC is offering either 1.175 of its own shares for each Anzon share, valuing the company at A$708 million, or a combination of cash and shares, the companies said in a joint statement.

"In the absence of a superior proposal, and subject to the independent expert concluding that the merger is in the best interests of Anzon shareholders, the Anzon board intends to recommend that Anzon shareholders vote in favor of the merger," the statement said.