Recommended Merger of Beach & Drillsearch

Source: www.gulfoilandgas.com 10/23/2015, Location: Not categorized

Beach Energy Limited (Beach) and Drillsearch Energy Limited (Drillsearch) (DLS) are pleased to announce that they have entered into a binding Merger Implementation Agreement that will create the leading mid-cap ASX oil and gas company through an all-scrip merger.

Under the terms of the agreement, Beach has agreed to acquire all of the shares in Drillsearch that it does not already own4 via a Scheme of Arrangement (the Scheme). Drillsearch shareholders will receive 1.25 Beach shares for each Drillsearch share held.

The merger will create a company of enhanced scale that is positioned for future growth, with combined FY2015 production of 12.1 MMboe 5 and an expanded portfolio of oil, gas and infrastructure assets. The Boards of both Drillsearch and Beach believe this is a logical combination of two complementary, overlapping businesses, with the opportunity to generate significant value for shareholders of both companies.

The Directors of Drillsearch unanimously recommend that all Drillsearch shareholders vote in favour of the Scheme and they intend to vote the Drillsearch shares that they control in favour of the Scheme, in the absence of a superior proposal and subject to an independent expert finding that the Scheme is in the best interests of Drillsearch shareholders.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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