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May 21, 2014
05:28 EDTBTEBaytex Energy announces Aurora shareholder approval of acquisition
Baytex Energy provides an update on the status of its proposed acquisition of all of the shares of Aurora Oil & Gas pursuant to a scheme of arrangement under Australian law. At the scheme meeting, the requisite majority of Aurora shareholders approved the Arrangement. Aurora will now apply to the Federal Court of Australia for orders approving the Arrangement at a hearing scheduled for May 26. If the Arrangement is approved by the Court, Aurora expects to lodge the Court orders approving the Arrangement with the Australian Securities Investment Commission on Tuesday, May 27. Once this has occurred, trading in Aurora shares is expected to cease at the close of trade on May 27 on the Australian Securities Exchange and at the open of trade on May 27 on the Toronto Stock Exchange. Based on cash consideration payable for Aurora of A$4.20 per share, the total purchase price is estimated at C$2.8B. The acquisition is accretive to the company's FFO while maintaining a strong balance sheet.
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