HopgoodGanim advises Bow Energy on Arrow takeover offer

30 September 2011

HopgoodGanim has advised Bow Energy on the $535 million takeover bid by Arrow Energy.

The board of Bow this week unanimously recommended Arrow's revised offer of $1.52 per share to its shareholders, valuing Bow's issued ordinary shares at $535 million.

According to HopgoodGanim partner Michele Muscillo, this transaction saw advisors from HopgoodGanim, Gilbert + Tobin, Merrill Lynch and Wilson HTM working together to help Bow achieve the best result for its shareholders.

"The Board of Bow Energy has done a great job to secure a higher price for their shareholders in the current market", he says.

Arrow is set to acquire all of Bow's issued shares through a Scheme of Arrangement to be implemented in January 2012, pending Court and Bow shareholder approval.

"Schemes of Arrangements are, by their nature, involved and complex transactions, and they require specialist understanding to carry out successfully", Muscillo says.

"The agreement between Arrow and Bow is significant in terms of its value and its impact on the development of coal seam gas in Queensland.

"HopgoodGanim has acted for Bow since its spin off from Arrow in 2005. Our long-standing relationship with Bow, its Board members and key management personnel, and our subsequent understanding of its business operations and requirements, meant we could hit the ground running and act quickly and effectively on Bow's behalf."

Arrow Energy, a subsidiary of Shell and PetroChina, was advised by JP Morgan, Allens Arthur Robinson and Blake Dawson.

HopgoodGanim advises over 30 percent of Brisbane's ASX-listed mining and resources companies.

Esther Cohen, Senior Communications Advisor
Tel: 07 3024 0192