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Baytex Upsizes Offer For Aurora Deal A Week Before Stockholder Vote

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By Darren Barbee, Hart Energy
May 15, 2014

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 ...

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