UK-based BG Group says it is considering its position after Arrow Energy yesterday trumped its $796 million takeover bid for South Perth-based Pure Energy Resources.
In a brief statement, BG said it will advise the market of its decision before the start of trade next Wednesday, but in the meantime recommended directors and shareholders of Pure to take no action on the revised Arrow offer.
Yesterday, Arrow lifted its cash and scrip takeover bid by 22 per cent to $890 million, comprising of $3 cash and 1.57 Arrow shares for every Pure share.
The new offer, which opens today, values each Pure share at $7.16. Shares in Pure were untraded at $6.72 at 11:14 AEDT.
Pure directors have unanimously recommended the revised Arrow offer to shareholders.
BG, which launched its offer earlier this week, is offering $6.40 cash for each Pure share.
BG holds a 9.71 per cent interest in Pure.
