document: Melbana Energy Ltd reported on 15 July 2019 that it was intending to make a takeover offer for Metgasco Ltd.Â  Under the offer the company plans to acquire 100% of the ordinary shares in Metgasco, by offering shareholders four fully paid Melbana shares for every one Metgasco share.  Melbana reported that the offer has an implied value of AUD 0.04 per share, which is a 48% premium on the closing price of Metgasco shares on 12 July 2019 and a 35% premium on the five day weighted average.Â  For the takeover to be successful Melbana must receive an acceptance of 50.1% from shareholders.
summary: Melbana Energy Ltd reported on 15 July 2019 that it was intending to make a takeover offer for Metgasco Ltd.  Under the offer the company plans to acquire 100% of the ordinary shares in Metgasco, by offering shareholders four fully paid Melbana shares for every one Metgasco share. Melbana reported that the offer has an implied value of AUD 0.04 per share, which is a 48% premium on the closing price of Metgasco shares on 12 July 2019 and a 35% premium on the five day weighted average.  For the takeover to be successful Melbana must receive an acceptance of 50.1% from shareholders.