Login
Five firms advise million dollar takeover offer
HopgoodGanim, Gilbert + Tobin, JP Morgan, Allens Arthur Robinson and Blake Dawson have advised on a million dollar takeover bid by Arrow Energy for Bow Energy. This week the board of…
Lawyers Weekly
HopgoodGanim, Gilbert + Tobin, JP Morgan, Allens Arthur Robinson and Blake Dawson have advised on a million dollar takeover bid by Arrow Energy for Bow Energy.
The recommendation comes after Arrow sweetened its cash offer to $1.52 a share from it's initial offer of $1.48 a share on 22 August; 72 percent more than Bow's price of 88.5 cents in Sydney trading on 19 August.
Bow was advised by HopgoodGanim and Gilbert + Tobin (with assistance from investment and financial advisory firms Merrill Lynch and Wilson HTM), while Blakes, Allens and JP Morgan acted for Arrow - a subsidiary of Shell and PetroChina.
Leading HopgoodGanim's team on the transaction, partner Michele Muscillo said the agreement was significant in terms of its value and its impact on the development of coal seam gas (CSG) in Queensland.
Arrow operates gas projects at Moranbah and in the Surat Basin in close proximity to Bow's assets. Bow has eight CSG projects throughout Queensland's Bowen and Surat basins, while Arrow has almost 500 producing CSG wells across Queensland, which account for around 20 per cent of the state's gas consumption.
Arrow's planned multi-billion dollar liquefied natural gas facility on Queensland's Curtis Island at Gladstone has been declared a significant project by the Queensland Government.
Arrow is set to acquire all of Bow's issued shares through a scheme of arrangement to be implemented in January 2012, pending court and Bow shareholder approval.
