PIPER Alderman has acted for Beach Energy as it took control of takeover target Adelaide Energy just three days after launching a hostile bid.
The deal, valued at $94 million, comes after oil and gas producer Beach Energy today said it had increased its interest in the smaller peer to 50.96 per cent.
Beach already owned 19.5 per cent of Adelaide Energy’s shares, and offered $0.20 per share which will stand until 22 December 2011.
The takeover is part of Beach’s strategy to increase exploration and development activities for unconventional gas
in Queensland and South Australia, where Adelaide Energy currently have interests.
"beach now has a controlling stake in Adelaide Energy as a result of the strng acceptances by Adelaide Energy shareholders since the offer opened on Monday," Beach managing director Reg Nelson said in a statement today.
Corporate partner Robert Postema is leading the matter for Piper Alderman, assisted by senior associate, Sina Kassra.
“This takeover will be of significant benefit to both Beach and Adelaide Energy shareholders, and represents another step in Beach’s expansion of operations. We are delighted to have been able to advise Beach on another transaction as part of this growth strategy," Postema said.
Piper Alderman has been acting for Beach Energy for more than 20 years. The firm also acted for Beach in their takeover of Impress Energy earlier this year.