Aurora Oil & Gas has moved closer to taking full control of takeover target Eureka Energy.
Aurora on Tuesday said it now holds 91.75 per cent of Eureka’s shares and will proceed to the compulsory acquisition of the remaining ones it does not yet own.
“The compulsory acquisition will be on the same terms as the offer, that is, cash consideration of $0.45 per Eureka share,” Aurora said in a statement.
“The compulsory acquisition process, which is subject to the Corporations Act, is likely to take approximately four to six weeks but may take longer in some circumstances.”
Aurora shares were two cents higher at $3.20 while Eureka’s shares were flat at 45 cents on Monday.