Arrow receives takeover offer
March 7, 2010
Arrow Energy Limited (AOE) confirmed it has received a non-binding indicative and conditional proposal from a company jointly owned by Royal Dutch Shell and PetroChina. The company said that under the proposal shareholders would receive consideration of $4.45 cash per share plus a share in a new entity comprised of Arrow’s international business.
Arrow said it had previously indicated its intention to conduct an Initial Public Offering of its international business.
The company recommended shareholders to take no action in relation to their shares at this stage.
At the close of trade Friday, Arrow shares were trading at $3.48.
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