SYDNEY, March 16 (Reuters) - Arrow Energy Ltd, an Australian coal seam gas producer, will not proceed with the compulsory acquisition of the shares it does not own in smaller rival Pure Energy Resources Ltd, Arrow said in a statement on Monday.
Arrow's offer for Pure closed on Friday with the group having built up a stake of 20.31 percent.
Pure is also subject to a rival offer from Britain's BG plc . Last month, BG raised its cash offer for Pure to A$8.25 per share, if it received 90 percent shareholder acceptance for its offer..
(Reporting by Denny Thomas) Keywords: PURE/ARROW (denny.thomas@reuters.com; +61 2 9373 1812; Reuters Messaging: denny.thomas.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Arrow's offer for Pure closed on Friday with the group having built up a stake of 20.31 percent.
Pure is also subject to a rival offer from Britain's BG plc . Last month, BG raised its cash offer for Pure to A$8.25 per share, if it received 90 percent shareholder acceptance for its offer..
(Reporting by Denny Thomas) Keywords: PURE/ARROW (denny.thomas@reuters.com; +61 2 9373 1812; Reuters Messaging: denny.thomas.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.