Oil and gas producer Beach Energy Ltd
(ASX:BPT) has boosted its takeover offer for Impress Energy Ltd
(ASX:ITC) and declared the offer unconditional.
Beach has upped its offer from 8.25 cents to 8.5 cents per Impress share, valuing Impress Energy at around $75.3 million. Beach’s offer replaces the scheme of arrangement both companies entered into last month.
Beach says the deal will add significant financial strength to its business and accelerate the development of Impress assets in the Cooper Basin.
Beach is also aiming to double production and reserves in the next two to five years.
Beach Energy booked a net loss of $33.1 million in the year to 30 June.
