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Squire Sanders and TressCox Lawyers have advised on a $31.5 million takeover bid for all the shares in Somerton Energy Limited.
Firms: TressCox Lawyers (Somerton Energy), Squire Sanders (Cooper Energy),
Area: Energy and resources
Value: $31.5 million
Key players: Partner Alfonso Grillo (pictured) led the TressCox team, supported by soliciotr Eli Davis-Ross. Partner Amber Stanton led the Squire Sanders team
Deal significance: Combining the complementary assets and technical expertise of Somerton and Cooper, together with Cooper’s strong cash balance and cash flow, creates a focused oil and gas production and exploration company. The merged company will have a strong onshore Australia position in the Cooper Basin and onshore Otway Basin and licenses in the Gippsland and Bonaparte Basins.The bid is recommended by the voting directors of the Somerton board in the absence of a superior offer, and both companies have entered into a merger implementation agreement in relation to the bid. Pre-bid acceptance agreements have also been entered into by Somerton shareholders in respect of 19 per cent of Somerton's issued shares. The offer1 provides a 56 per cent premium to the closing price of Somerton shares on 18 April 2012.
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