Cooper starts compulsory acquisition of Somerton

Nearing completion: Cooper has started the compulsory acquisition of all shares it does not own in fellow Australian company Somerton Energy

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Josh Lewis

 15 June 2012 08:49 GMT

Australia’s Cooper Energy has commenced the compulsory acquisition of all the shares it does not own in compatriot Somerton Energy.

Cooper said on Thursday the compulsory acquisition would be on the same terms as the original offer when the two companies announced plans to merge in April.

Cooper is offering Somerton shareholders the choice of either one Cooper share for every 2.8 Somerton shares or one Cooper share for every 4.73 Somerton shares plus A$0.09 (US$0.09) for each Somerton share.

Shareholders who do not elect a preferred option will receive the first all share option as consideration Cooper said.

Somerton’s largest shareholder Beach Energy announced earlier this month it had decided on…

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