20/03/2009 - 15:18

Accept BG offer now: Pure Energy

20/03/2009 - 15:18

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The directors of South Perth-based Pure Energy Resources have urged shareholders to accept BG Group's cash offer before the takeover closes on Monday.

Accept BG offer now: Pure Energy

The directors of South Perth-based Pure Energy Resources have urged shareholders to accept BG Group's cash offer before the takeover closes on Monday.

BG is currently offering $8 per share, however that will increase to $8.25 should the UK-based company acquire a minimum interest of 90 per cent in Pure Energy.

Currently, BG has accrued a 39.5 per cent interest.

Pure's 11 per cent shareholder Royal Dutch Shell has previously said it will accept BG's offer subject to there being no superior offer.

Pure said today that once Shell accepts the offer, BG's interest will jump to more than 50 per cent.

BG's offer is due to close at 7pm Sydney time on Monday.

Earlier this week, Arrow Energy let its cash and scrip takeover offer for Pure lapse. The company has a 20.3 per cent interest.

 

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