Oz UIL Directors Accept Strike’s Takeover Offer

The directors of Australian UIL Energy have accepted the recommended takeover offer by compatriot Strike Energy, the latter said November 16.

The directors collectively hold about 25% of UIL’s ordinary shares and in combination with other acceptances received, total acceptances have now increased to roughly 31%, Strike said.

The UIL directors continue to unanimously recommend that the company’s shareholders accept the offer in the absence of a superior proposal. They may accept the offer at any time up until 7:00pm Sydney time on November 30.

Strike entered into the takeover arrangement with the Perth Basin-focused UIL October 22.

“This transaction plays to Strike’s strengths of being a low cost and high-impact on-shore exploration and appraisal operator, which makes it an extremely attractive opportunity for both UIL Energy and Strike Energy shareholders alike,” Strike chairman John Poynton said at the time.

“The Merged Group will be well capitalised to execute on the Perth Basin strategy whilst continuing to progress the Southern Cooper Basin Gas Project, which is approaching a key milestone in proving commercial success,” he said.