How many shares on issue?
QUEENSLAND coal seam gas company Arrow Energy is understood to have agreed to buy Pure Energy in a deal worth more than $300 million.
It is expected the deal will be announced to the market later today.
Both companies went into a trading halt this morning, with Pure saying discussions with Arrow could result in a recommended takeover bid being made for the company.
Arrow did not mention Pure but requested a trading halt pending an announcement of a material acquisition.
Arrow is cashed up after bringing Shell in as a stakeholder in its CSG ground and is looking to expand its reserves as it studies building a CSG-to-liquefied natural gas export plant at Gladstone.
PES
pepper residential securities trust no. 21
takeover price, page-7
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