BCP lowers Nido hurdle

BCP Energy International has altered its conditions in its takeover of Nido Petroleum, making the offer nearly unconditional upon 50.1 per cent acceptance.

The offer was previously subject to 90 per cent minimum acceptance and approval by the Foreign Investment Review Board, which it recently achieved.

BCP, a subsidiary of Thailand-based Bangchak, offered a 5.5 cent per share bid at the start of August, a 62 per cent premium over the one-month volume-weighted average price.

It is understood the change is to encourage interest from institutional shareholders.

Nido chairman Bill Bloking continued the board’s support for the offer.

“Now that our target’s statement is being made available to shareholders, we recommend that shareholders take action to crystallise cash value for their investment at a significant premium to recent historical prices of Nido shares,” Mr Bloking said.

BCP said the offer would provide Nido shareholders with certainty and de-risk them from the company executing its growth strategy.

Miro Advisors is advising Nido in the deal, which was up 3.9 per cent to 5.4 cents per share at the close.