Ann: AEL's Increased 42 cent offer for Adelph, page-15

re: Ann: AEL's Increased 42 cent offer fo... Adelphi smiles on AWE's upped bid

Bill Lindsay


From: Dow Jones Newswires June 21, 2010 1:36PM

ADELPHI Energy said today it recommends shareholders accept a takeover offer from AWE after the Australian oil and gas producer increased its bid by 5 per cent.

In a statement, Adelphi said that following discussions with AWE over the weekend, the offer has been raised to 42 cents per share from 40c, and declared final with no further increase. The new offer, due to close July 9, values Adelphi around $71.1 million.

AWE said in a separate statement its wholly owned unit ARC Energy currently holds a 33.8 per cent stake in Adelphi.