BW LPG Ups Offer for Remaining Shares in Aurora LPG
Singapore’s gas carrier owner BW LPG has decided to increase its offer for all the remaining shares in Oslo-listed Aurora LPG.
Following discussions with the Board of Directors of Aurora LPG, the company has increased the consideration in the offer to either 0.3175 shares in BW LPG and NOK 7.40 in cash; or NOK 13.55 in cash, from the previously planned offer of NOK 12.30, for each Aurora LPG share.
BW LPG is in the process of preparing an offer document for the offer, which will be launched following regulatory approval of the offer document, expected to take place at the beginning of November 2016.
The company has received additional irrevocable undertakings from shareholders in Aurora LPG, including from Sundt AS, representing 1.302.937 shares (or 4.39%), to accept the offer for their shares in Aurora LPG.
Together with the shareholders which have undertaken to accept the offer, BW LPG holds 15.006.217 shares in Aurora LPG (52.39%), excluding treasury shares held by Aurora LPG.
“After having explored multiple options to enhance shareholder values both before and following the initial offer from BW LPG to acquire Aurora LPG, the Board is of the opinion that this enhanced offer represents the best solution for our shareholders, taking into consideration both financial outcome and transaction risk. Based on this, Sundt AS has also committed to accept the upcoming offer to acquire all shares of Aurora LPG,” said Leiv Askvig, Chairman of Aurora LPG and CEO of Sundt AS.