Investment bank Macquarie Group Ltd
(ASX:MQG) has offered to buy petroleum explorer Adelphi Energy Ltd
(ASX:ADI) on behalf of AWE Ltd
(ASX:AWE).
Macquarie will pay 40 cents per Adelphi share in an unconditional on-market offer, which will stand until close of trade on July 10.
It will accept up to a maximum of 112 million shares, the number of shares not already owned by AWE.
AWE currently has about a 33% stake in Adelphi Energy, valuing its bid for outstanding shares at around $45 million.
The offer represents a 43% premium on Adelphi’s last share price.
AWE chairman Bruce McKay has encouraged Adelphi shareholders to accept the cash offer as soon as possible.
As the offer has no conditions, it can be accepted immediately on market, with cash payment three trading days after acceptance.
Macquarie Group booked a profit of $1.05 billion for the 12 months to March 30, 2010.
