In response to the Oslo-listed Avance Gas Holdings’ bid to acquire all shares of Aurora LPG, the company expressed disagreement saying that the offer is not in line with their value.
“The preliminary view of the Board of Directors is that the consideration under the Offer deviates significantly from the Company’s absolute and relative values. The Company is currently involved in processes relating to possible vessel transactions pointing to higher shareholder values than derived from the Offer,” Aurora LPG Chairman of the Board Leiv Askvig said.
Namely, after last year’s attempt to take over Dorian LPG, Avance Gas has turned its attention to Aurora LPG.
The company offered 0.574 new shares as consideration for each share in Aurora LPG, which based on the NOK 104.5 closing share price of Avance Gas as quoted on the Oslo Stock Exchange on November 13, implying a consideration of NOK 60.0 per share in Aurora.
Avance Gas said that the combined entity would own and operate the world’s second largest VLGC fleet of 23 ships by Q3 2016.