BCPE intends to declare Nido offer free of conditions
Monday, September 1 2014 - 04:33 AM WIB
BCP Energy International Pte Ltd. (BCPE), a subsidiary of Thailand?s Bangchak Petroleum, announced Monday its intention to declare its takeover offer for ASX-listed Nido Petroleum Ltd free of all conditions upon BCPE achieving a relevant interest in 50.1 percent of Nido shares.
?Once the offer has been declared unconditional, BCPE also intends to offer accelerated payment terms to Nido shareholders who will then receive proceeds within seven business days after validly accepting the offer during the offer period,? the company said in a statement updating the Nido takeover plan.
BCPE announced the takeover plan of the remaining Nido shares after the company last week signed an agreement with Petroleum International Investment Corp to acquire 19.66 percent shares in Nido, an oil and gas exploration and production company with operations in the Philippines and Indonesia.
BCPE said it hoped Nido shareholders accept the offer without delay. ?The unanimous recommendation of the Nido directors is a testament to the attractiveness and value of the BCPE bid,? the company said, adding that the BCPE offer for Nido is scheduled to close on September 19, 2014 (unless extended).
Editing by Reiner Simanjuntak