Australian Central Petroleum Declines Macquarie Takeover Offer

Australian Central Petroleum November 14 said it has declined a takeover offer from Macquarie Group.

The company said it received November 10 an offer from Macquarie to acquire 100% at 17.5 cents per share. The bank is already a shareholder of Central as well as its principal financier.

The proposal is subject to various conditions including due diligence and entry by the parties into definitive transaction documents. “The board of directors of the company has determined that the proposal is not in the best interests of shareholders,” Central said.

However, Central said it will give Macquarie “every opportunity to reconsider its proposal.”

Central’s focus is to supply the domestic market. It is the largest onshore gas producer in the Northern Territory and operator of the only producing onshore conventional gas fields in the Australian region at Mereenie, Palm Valley and Dingo.

Shardul Sharma