Thai oil refiner and marketer BCP Energy International has moved to fast-track its $113 million cash takeover for Nido Petroleum by declaring it would drop all bid conditions as soon as acceptances had reached 50.1 per cent.
This is a change from BCP's original condition to wait until it had secured 90 per cent before declaring the bid unconditional.
The suitor said it would then make accelerated payment terms to Nido shareholders accepting the 5.5 cents-a-share offer.
As of yesterday (MON) BCP held 29.1 per cent of Nido.
BCP's bid gained Foreign Investment Review Board approval last week.
BCP said its offer provided shareholders with the certainty of cash and effectively de-risked them from Nido executing on its growth strategy.
Nido directors have unanimously backed the offer, which is open until September 19.
“We recommend that shareholders take action to crystallise cash value for their investment at a significant premium to recent historical prices of Nido shares,” Nido chairman William Bloking said.
BCP's offer is due to close on September 19.