Macquarie Raises Takeover Bid for Aussie Producer

Australia's Central Petroleum said March 9 it has received a revised offer from Macquarie to acquire 100% of the company’s issued capital.

A formal announcement will be made March 13; until then it has requested a trading halt to its securities.

Central first told the markets about a Macquarie takeover offer at A$0.175/share on November 14 which it rejected, saying: “The board of directors of the company has determined that the proposal is not in the best interests of shareholders.” The bank is already a shareholder of Central, as well as its principal financier. Central had said it will give Macquarie “every opportunity to reconsider its proposal.”

Central’s focus is to supply the domestic market. It is the largest onshore gas producer in the Northern Territory and operator of the only producing onshore conventional gas fields in the Australian region at Mereenie, Palm Valley and Dingo.

Shardul Sharma