Oz LNGL Accepts Takeover Offer

Sydney-listed Liquefied Natural Gas Limited (LNGL) February 28 said it has accepted takeover offer from Singapore-based LNG9.

LNGL said it is has entered into a bid implementation agreement pursuant to which LNG9 will make an offer to acquire all of the issued ordinary shares of LNGL under the terms of an off-market takeover bid. Under the terms of the offer, LNGL shareholders will receive US$0.13/share in cash, valuing the company at approximately US$75mn.

“LNGL has over the last year evaluated many potential corporate and asset transactions to provide liquidity and value for shareholders and considers that the LNG9 offer is the most attractive offer currently available for LNGL shareholders,” it said. “The directors of LNGL will therefore unanimously recommend that LNGL shareholders accept the offer in the absence of a superior proposal being received.”

LNGL is developing an 8mn metric tons/year Magnolia plant in Louisiana and the proposed 8-12mn mt/year Bear Head plant in Nova Scotia.