Beach takes cash, scrip Somerton option

epa01059886 A young supporter of Australia's national soccer team painted his national flag on his face to cheer prior the Group A soccer match of the AFC Asian Cup 2007 between Australia and Oman at Rajamangala Stadium in Bangkok, Thailand, 08 July 2007. EPA/RUNGROJ YONGRIT

All smiles: Beach will take 17 milllion shares in Cooper Energy and earn A$7.2 million under the deal.

RUNGROJ YONGRIT

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Andrew Hobbs

 05 June 2012 02:17 GMT

Australia’s Beach Energy has decided on the cash and scrip option in signing over its 55.44% stake in Somerton Energy to Cooper Energy, the company has announced.

Cooper made an off-market scrip takeover bid for Somerton in April, offering one of its shares for either 2.8 Somerton shares, or one share for A9 cents and 4.73 Somerton shares.

Beach’s decision to accept the shares and cash option will see it receive about 17 million shares in Cooper and A$7.2 million ($US$7 million) in cash.

As of yesterday, Cooper has an interest in 34.04% of Somerton Energy. This will increase to 89.48% upon Beach Energy accepting the offer.

Cooper is able to move to compulsory acquisition of the remaining Somerton shares…

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