New Hope Corporation Limited (NHC) announces a $2.00 per share all-cash, off-market takeover offer to acquire all the outstanding Northern Energy Corporation Limited (“Northern Energy”) [ASX: NEC] shares not already owned by New Hope (“Offer”).
The Offer values the shares not already owned by New Hope at approximately $50 million.
The Offer will deliver an attractive premium and certainty of cash consideration to Northern Energy shareholders. In particular the Offer of $2.00 cash per Northern Energy share represents:
- a premium of 29.0% to the closing price of $1.55 per Northern Energy share on 26 August 2011, being the trading day before New Hope announced the Offer;
- a premium of 32.6% to the 1 month VWAP of $1.509 per Northern Energy share up to and including 26 August 2011; and
- a premium of 32.0% to the 3 month VWAP of $1.515 per Northern Energy share up to and including 26 August 2011.
In addition, payment terms under the Offer have been accelerated so that Northern Energy shareholders who validly accept the Offer will be paid within 10 business days of that valid acceptance.