Drillsearch (Central) Pty Limited, a wholly-owned subsidiary of Drillsearch Energy Limited (Drillsearch), has made an off-market takeover to acquire all of the ordinary shares in Acer Energy Limited (Acer) for 25.5c cash per share.
The offer values Acer at $118 million. It represents a significant premium of 53% to the three month VWAP of Acer Energy shares and 31% to the closing price of Acer Energy shares on 3 October 2012. Acer Energy’s largest shareholder, Republic, has already sold a 19.9% interest in Acer Energy to Drillsearch (Central). The offer is unconditional, other than Prescribed Occurrences.
Bill Koeck, lead partner for Ashurst, commented: “By making this offer, Drillsearch is providing Acer Energy shareholders the opportunity to realise the underlying value of their investment ahead of significant funding requirements and give Acer shareholders an exit from their investment in a company which had not traded above the bid price for the last three years.”
Ashurst team members included Bill Koeck, Anton Harris, James Parkin, Joshua Biggs and Matthew Moses (Corporate), Steve Smith, Erin Cartledge and Alysha Salinger (Banking), Peter McCullough, and Ian Fullerton (Tax), and Nicholas Antonas (Environment).
