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Oil and gas company Cooper Energy Limited (ASX:COE) has inked a $31.5 million deal to merge with its rival Somerton Energy Limited (ASX:SNE).
Cooper has made an off-market takeover bid for all of the shares in Somerton for a 56 premium to its closing price before the announcement.
Cooper says the merger is in line with its strategy to grow in the Otway Basin and build a well-funded production and exploration company.
Both boards have backed the deal, entered into a merger implementation agreement and urged shareholders to vote in favour of the offer.
Beach Energy Limited (ASX:BPT) holds a 56.22 per cent interest in Somerton Energy and says it is considering its position in relation to Cooper’s bid.
Cooper Energy booked a net loss of $4.1 million in the first half of the 2012 financial year.
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Last
$1.29 |
Change
0.040(3.21%) |
Mkt cap ! $2.623B | |||
| Open | High | Low | Value | Volume |
| $1.27 | $1.29 | $1.24 | $8.185M | 6.437M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 23550 | $1.28 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.29 | 356322 | 16 |
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| Last trade - 16.10pm 07/11/2024 (20 minute delay) ? |
| BPT (ASX) Chart |
