Aurora has entered into a Scheme Implementation Deed with Baytex which sets out the terms on which the scheme will be proposed to Aurora shareholders. The Aurora directors have unanimously recommended shareholders to vote in favour of the scheme and have stated their intention to vote shares they control in favour of the scheme, in the absence of a superior proposal and subject to an independent expert concluding that the scheme is in the best interests of shareholders. The scheme is subject to customary conditions and is expected to be implemented in May this year.
Partners Neil Pathak, Marcello Cardaci and Sarah Turner are leading the G+T Team.
Marcello Cardaci said today: “We have been fortunate enough to have acted for Aurora for a number of years and have seen the company grow and develop, so it is very pleasing to be able to assist them with this significant transaction.”
Aurora is an Australian and Toronto listed oil and gas company focussed on the Eagle Ford Shale region in Texas, United States, and is engaged in the development and production of oil, condensate and natural gas.
This transaction continues Gilbert + Tobin’s strong M&A record including Westpac’s A$1.45 billion acquisition of Lloyds’ Australian businesses, GrainCorp’s defence of ADM’s A$3.4 billion takeover, and the A$824 million sell down of Singapore Power’s stake in SP Ausnet to State Grid of China. This record also extends to equity capital markets transactions where Gilbert + Tobin has advised on approximately 60% of the A$9.36 billion-worth of IPO’s in 2013 (by market capitalisation) including Nine Entertainment Co.’s $2.6 billion IPO. In 2013 Gilbert + Tobin was named the leading transactional legal team by leading industry publications and was awarded Best Law Firm (for its revenue category) at the BRW Client Choice Awards.
