Nod for $1.9b Aurora takeover

UPDATE 2.40pm: Aurora Oil & Gas shareholders have overwhelmingly approved a $1.9 billion takeover by US group Baytex Energy.

About 88 per cent of votes cast at a shareholders meeting in Subiaco this morning were in favour of the tie-up with just 12 of the 614 voting shareholders dissenting.

The scheme of arrangement will now go before the Federal Court for ratification next week.

That approval will then trigger a massive cash payout - up to an estimated $500 million - to the legion of WA retail investors who backed Aurora's executive chairman Jon Stewart and co-founder Graham Dowland since they first chartered the company's course in 2005.

Mr Stewart, who is set for an $85 million pay day, says it is satisfying that long-term supporters and Aurora management are exiting together.

Baytex initially offered $4.10 a share for the US-focused Aurora in February and increased the offer by 10c a share in May.

Aurora shares closed up one cent at $4.19.

The West Australian

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