BCP Energy International Pte Ltd. (BCPE), a wholly owned unit of Thailand's Bangchak Petroleum, reported Sept. 16 that its takeover offer for Nido Petroleum Ltd. is now free of all conditions.
The announcement follows BCPE achieving a relevant interest greater than 50.1% of Nido shares. BCPE will now proceed with accelerated payment terms to Nido shareholders. Shareholders that have already accepted the offer will now receive proceeds within seven business days. Any shareholder that has not yet accepted the offer will receive proceeds within seven business days following receipt of their valid acceptance.
BCPE's offer for Nido is scheduled to close on Oct. 3.