Range Resources Ltd. has made an off-market share takeover offer for International Petroleum Ltd. Both companies are based in Perth.
The offer consists of three Range shares for two International shares, valuing International at about $105 million (Australian). The merger is subject to conditions, including a 51% minimum acceptance, due diligence, government clearance, and shareholder approvals.
International holds assets in Russia, Kazakhstan, and Niger. The resulting company would focus near-term on expansion and development of projects in Trinidad, Russia, and onshore Africa, Range Resources said.
International’s recently acquired assets in Niger provide a strong exploration fit with Range’s own Niger assets, Range said.