On 7 November 2011, Beach Energy Ltd announced an unconditional, on-market, cash offer of 20 cents per share for all of the issued and outstanding ordinary shares of Adelaide Energy Limited it did not own. Beach has now secured majority control of Adelaide Energy by lifting its relevant interest in the company to 50.96%.
Beach Managing Director, Reg Nelson , said: “ Beach now has a controlling stake in Adelaide Energy as a result of the strong acceptances by Adelaide Energy shareholders since the offer opened on Monday. This is a clear indication that shareholders recognise the significant premium on offer, and we believe it is now highly unlikely that any counter offer will be made for the company. ”
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Source: Beach Energy, November 10, 2011