Strike Energy has made a play for TalonEnergyLtd acquisition merger oil gas exploration LNG Australia
PERTH – ASX-listed Strike Energy has made good on its ambitions to acquire fellow-listed Talon Energy, entering into a binding scheme implementation deed with the takeover target after twice missing the mark.
Strike on Monday confirmed the scheme implementation deed, under which Talon shareholders will receive 0.4828 new Strike shares for every Talon share held. In parallel with the scheme, Talon will look to demerge its Mongolian assets to the benefit of its shareholders to potentially deliver significant value.
Strike will also be able to remove significant cost through corporate and operational synergies through collapsing the current joint venture with Talon, with the company’s balance sheet to be further improved with an increased ability to access debt markets and self-fund development projects along with the combined exploration portfolio.
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