BW LPG will launch a takeover offer for Aurora LPG[ds_preview] after upping its stake in the company for the second time this week to 32.79%. The voluntary tender offer for all the remaining shares in Aurora LPG will follow in November.
The offer will comprise an all-cash (NOK 12.3) or a cash plus shares option (0.3175 shares in BW LPG and NOK 6.15). It will be subject to a minimum acceptance ratio of 90%, competition clearances and other customary conditions. The offer is expected to take place at the beginning of November 2016. Transpetrol Limited as one of the major stakeholders (9.84%) has irrevocably undertaken to accept the offer for all of its shares in Aurora LPG.
»We believe that the Offer will provide an attractive opportunity for the Aurora LPG shareholders, to participate in the future upside in the VLGC market«, says Martin Ackermann, CEO of BW LPG.
