"Coal seam gas producer Queensland Gas Company Ltd (QGC) has agreed to an $830 million merger with Sunshine Gas Ltd, the proponent of a rival liquefied natural gas development. QGC, which has teamed up with BG Group Plc to develop an $8 billion LNG plant at Gladstone in QLD, has offered two alternatives to Sunshine Gas shareholders - an all-scrip offer or a mixture of cash and scrip.Sunshine Gas shareholders have the option of accepting $1.65 in cash plus two QGC shares, or five QGC shares for every eight Sunshine Gas shares....
Sunshine Gas shares are in a trading halt and last traded at $2.20, while QGC shares were also in a trading halt and last traded at $4.32....
Sunshine Gas's coal seam gas acreage will increase QGC's equity-owned 2P (proved and probable) reserves by 469 petajoules (PJ) to 2,401 PJ and its equity-owned 3P (proved, probable and possible) reserves by 1,097 PJ to 6,827 PJ."
--- From an article in the SMH on the takeover
