The companies revealed in a joint statement on Friday they had entered into a binding merger implementation agreement which will see Beach takeover Drillsearch in an all-scrip merger.
Under the deal, Drillsearch shareholders will receive 1.25 shares in Beach for each share the hold in Drillsearch, valuing the latter at about A$384 million (US$278.1 million), or A$0.83 per share.
The deal represents a premium of roughly 27% to Drillsearch's closing price on Thursday and a 30% premium to the three-month volume weighted average of the company's shares.
If
