ARROW TARGETS BOW ENERGY FOR TAKEOVER
22 August 2011,
ENERGY company Arrow Energy has made an indicative and non-binding takeover bid for oil and coal seam gas company Bow Energy (ASX:BOW).
Arrow today confirmed its intention to acquire all issued capital in the target via a scheme of arrangement.
CEO Andrew Faulkner (pictured) says his employer was attracted to the proximity of Bow’s CSG assets.
“Any such future business arrangement would strengthen the opportunity for Arrow to increase the size of its first two liquefied natural gas trains on Curtis Island, from the currently proposed 4 million tonnes per annum,” says Faulkner.
Bow shares slightly rose this morning to $1.44 per unit.