Tuesday, 23 August 2011
Australia-based global mining giant BHP Billiton announced Monday that it has completed its tender offer to acquire the shares of US-based shale gas mining company Petrohawk Energy Corporation. BHP will pay US$38.75 per Petrohawk share in its takeover deal. Petrohawk shares represent a total equity value of approximately US$12.1 billion and a total enterprise value of approximately US$15.1 billion. The acquisition gives BHP positions in two of the US' largest shale drilling formations, the Eagle Ford and Haynesville plays.
In a press release, BHP said that by midnight Friday, August 19, BHP successfully acquired 97.4 percent of the outstanding shares of Petrohawk. "As the final step of the acquisition process and following payment for all shares validly tendered and not withdrawn on or prior to the expiration of the Offer, BHP Billiton expects to effect a short-form merger under Delaware law as promptly as practicable."
(sourced steelorbis)
Australia-based global mining giant BHP Billiton announced Monday that it has completed its tender offer to acquire the shares of US-based shale gas mining company Petrohawk Energy Corporation. BHP will pay US$38.75 per Petrohawk share in its takeover deal. Petrohawk shares represent a total equity value of approximately US$12.1 billion and a total enterprise value of approximately US$15.1 billion. The acquisition gives BHP positions in two of the US' largest shale drilling formations, the Eagle Ford and Haynesville plays.
In a press release, BHP said that by midnight Friday, August 19, BHP successfully acquired 97.4 percent of the outstanding shares of Petrohawk. "As the final step of the acquisition process and following payment for all shares validly tendered and not withdrawn on or prior to the expiration of the Offer, BHP Billiton expects to effect a short-form merger under Delaware law as promptly as practicable."
(sourced steelorbis)
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