The Queensland Gas Company’s (QGC) agreed takeover bid has been unanimously recommended by Sunshine’s voting directors.
An acceptance form accompanying the bidder’s statement gives all Sunshine shareholders the opportunity to accept either five QGC shares for every eight Sunshine shares, or $1.65 cash per Sunshine share and two QGC shares for every seven Sunshine shares.
Richard Cottee, managing director of QGC, and Bob Bryan, chairman of QGC, have said that the bidder’s statement reinforces the compelling reasons for Sunshine shareholders to accept QGC’s Offer. The offer gives shareholders an opportunity to choose QGC scrip, or a combination of cash and QGC scrip.
Tony Gilby, managing director of Sunshine Gas, said: The combination brings together two like-minded Queensland companies with common goals and cultures. Sunshine’s shareholders will also have the ability to share in any upside in improved Corporate Sourcing Group pricing and a multi-train liquefied natural gas development through QGC equity.
