BCP Energy International has successfully reached its revised target of 50.1 per cent relevant interest in its takeover of Nido Petroleum, and has made the offer unconditional.
BCP had 51.03 per cent acceptance this morning, and will proceed with accelerated payment to Nido shareholders.
Shareholders accepting the offer will expect to receive proceeds within seven business days, BCP said in a statement today.
“The offer provides Nido shareholders with the certainty of cash and accelerated payment terms,” BCP said.
“It effectively de-risks them from Nido executing on its growth strategy as it delivers value for future growth today.”
BCP is a subsidiary of Thai based refiner Bangchak Petroleum, and the acquisition is the first step of an expansion plan into upstream production.
Nido was advised by Miro Advisors during the deal.
Nido traded unchanged at 5.4 cents per share at the time of writing.