Baytex Energy Corp. (NYSE: BTE, TO: BTE.TO) sweetened its offer for Eagle Ford operator Aurora Oil & Gas Ltd. (ASX: AUT.AX; TO: AEF.TO) by roughly $43 million cash, or 2.4%, the company announced May 12.
Aurora’s total price tag, including debt, is about $2.35 billion. Baytex is also dangling a 9% dividend increase in front of Aurora shareholders.
It isn’t clear why the asking price increased. However, Baytex said May 12 that two funds holding 17.4% of shares intend to vote for the transaction.
In February, Baytex made an unsolicited ...