Arrow Energy Ltd
(ASX:AOE) says it has received a conditional takeover offer from a company jointly owned by Royal Dutch Shell and PetroChina.
The gas explorer and producer says the non-binding indicative proposal would allow shareholders to receive consideration of $4.45 cash per share plus an interest in a new entity comprised of Arrow’s international business.
The cash offer values Arrow at almost $3.26 billion.Arrow has previously announced its intention to conduct an initial public offering (IPO) of its international business.
Arrow shareholders have been advised to take no action in relation to their shares at this stage.
Arrow Energy posted a profit of $366.85 million for fiscal 2009.
