LNG Ltd. (LNGL), Sydney, has entered into a bid implement agreement with LNG9 PTE Ltd., Singapore, under which LNG9 will make an offer to acquire all the ordinary issued shares of LNGL under the terms of an off-market takeover bid.
The proposal, contingent upon shareholder approval, is that LNGL shareholders will receive $0.13 in cash per share, an offer that values LNGL at $75 million. The offer represents a 72% premium to the closing price of LNGL shares on the Australian stock exchange prior to the announcement.
LNG9 would make LNGL a private company. The company plans to deliver LNG to regasification facilities which it will own and operate for supply of LNG into Asian and European markets.
LNGL is developing LNG export terminals in the USA and Canada, particularly the proposed 8 million tonnes/year Magnolia plant in Louisiana and the proposed 8-12 million tonnes/year Bear Head plant in Nova Scotia (OGJ Online, June 22, 2016; July 22, 2019).