Australia-based oil and gas exploration company Beach Energy has launched a A$94m ($97.4m) takeover bid for Adelaide Energy.
Beach, which currently owns 19.95% of Adelaide Energy, launched an unconditional offer of 20¢ per share for all of the issued and outstanding ordinary shares it does not already own.
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The oil firm has cash balances of A$100m and a multi-option financing facility of A$150m, providing it with the ability to fund the offer from existing cash reserves.
