BG Group has announced that it will increase its recommended all cash takeover offer for Pure Energy Resources from A$8 to A$8.25 per share, on condition that BG Group has acquired a relevant interest in 90% of Pure’s ordinary share capital by the close of the offer period.
BG Group said that the conditional offer price of A$8.25 is final in the absence of a superior proposal.
On February 18, 2009, the board of Pure Energy had recommended to Pure shareholders that they should accept BG Group’s offer of A$8 per share. The independent directors of Pure Energy, together with key shareholders, Tom Fontaine and Karl Meade, have now accepted into the BG Group offer.
BG Group will dispatch a payment of A$8 per share to all accepting Pure shareholders within five business days of the receipt by BG Group of a valid acceptance.
If BG Group acquires a relevant interest in 90% of Pure’s ordinary share capital by the close of the offer period, an additional payment of A$0.25 per share will be dispatched to all Pure shareholders who have accepted into BG Group’s offer, which is scheduled to close on March 23, 2009.
