New Hope Corporation (ASX: NHC) has made a $2.00 per share all-cash, off-market takeover offer to mop up all the outstanding shares it does not own in Northern Energy Corporation (ASX: NEC).
The offer is at a premium of 29.0% to the closing price of $1.55 per Northern Energy share on 26 August 2011.
New Hope has a relevant interest in 80.83% of Northern Energy’s shares. In light of this relevant interest, New Hope said it is highly unlikely that a competing proposal will emerge.
New Hope said the offer is ‘best and final’ and will not increase the offer price.