Macquarie to buy Adelphi for AWE [MQG] [AWE] [ADI]Mon...

Macquarie to buy Adelphi for AWE [MQG] [AWE] [ADI]
Mon 17-May-2010 09:07


Investment bank Macquarie Group Ltd has offered to buy petroleum explorer Adelphi Energy Ltd in cash on behalf of AWE Ltd, an oil and gas company.

Macquarie will pay 40 cents per Adelphi share on market in an unconditional offer, the Sydney-based investment bank said in a statement on Monday.

Shares in Adelphi, in which AWE already has a 33.8 per cent stake, closed at 28 cents on Friday, meaning that Macquarie's offer represents a 43 per cent premium.

Macquarie said it would accept Adelphi shares up to the close of trading on July 9, up to a maximum of 112 million shares, the number not already owned by AWE.

The offer period could be extended and the price may be increased in accordance with the corporations act, Macquarie said.

AWE chairman Bruce McKay encouraged Adelphi shareholders to accept the cash offer as soon as possible.

"As the Offer has no conditions it is able to be accepted immediately on market, with cash payment three trading days after your acceptance," Mr McKay said in the bidder's statement.

"I believe that AEL's Offer... is a compelling proposition."