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ORIGIN ENERGY LIMITED M&A Activity 2003
65507_rns_2003-07-20_c403dc3c-7576-4449-b39d-52160390042a.pdf
M&A Activity
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Oil Company
| To | Company Announcements Office | Facsimile 1300 300 021 | |
|---|---|---|---|
| Company | Australian Stock Exchange Limited | Date | 21 July 2003 |
| From | Bill Hundy | Pages | |
| Subject | SHAREHOLDER CORRESPONDENCE |
In accordance with Listing Rule 3.17 please find attached a letter which is being sent to all Oil Company of Australia shareholders regarding the takeover offer made by Origin Energy.
Regards
Ælg&
Bill Hundy Company Secretary
18 July 2003
Dear Shareholder
On 11 July 2003 Origin Energy Limited announced a cash takeover offer of \$4.25 per share for the shares in Oil Company of Australia Limited (OCA) that Origin does not already own.
Origin has recently announced an agreement with shareholder Santos Limited to acquire a further 2.9 million OCA shares, increasing its relevant interests in OCA shares to 87.69%.
As Origin already holds more than 30% of the shares in OCA it will be necessary for OCA to obtain an opinion from an independent expert about whether the terms of the takeover offer are fair and reasonable.
The selection and the appointment of the independent expert will be made by Philip Green, the independent director on the Board of OCA, in compliance with the requirements of the Corporations Act.
OCA expects that Origin will send its Bidder's Statement for the offer to OCA shareholders within six weeks from 11 July 2003. OCA will send its Target's Statement (including the independent expert's opinion) to OCA shareholders at the same time as the Bidder's Statement is sent out, or as soon as possible thereafter.
You are advised to take no action until you receive your Target's Statement.
Should you have any queries you should contact the Company on 1300 552 270.
Yours sincerely
Grant King Chairman