L and M Energy chairman Loudon makes takeover bid for oil and gas explorer

Mon, 22 Oct 2012

Oct. 23 (BusinessDesk) - L&M Energy chairman Geoff Loudon has made a full takeover bid for the Wellington-based oil and gas explorer at a 45 percent premium to its last trading price. Loudon, via his newly incorporated New Dawn Energy, is offering 6 Australian cents a share to take full control of L&M, valuing the company at A$45.3 million. New Dawn has entered into lock-up arrangements securing almost 72 percent acceptances, and will only declare the deal unconditional if it can take full ownership of the energy explorer. "The background...

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