Cooper made an off-market scrip takeover bid for Somerton last month, then valuing Somerton shares at between 21.8 cents and 21.9 cents per share. Somerton shares closed at 17 cents on Monday.
The takeover offer had been recommended by the boards of both companies, with Cooper’s stake in Somerton rising to 21.6% on 17 May.
Beach’s decision to sell its stake to Cooper would lift the latter’s stake to 77.8%
