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Avance in takeover bid for Aurora LPG

Avance in takeover bid for Aurora LPG
Avance Gas Holdings has bid NOK60 ($6.91) per share to take over 100% of Aurora LPG.

If successful, the two companies combined would have the second largest VLGC fleet in the world, at 23 ships by the time all newbuildings were delivered.

More than 90% of Aurora LPG’s shareholders must accept the offer for the transaction to take place, in which event the shareholders would be issued 16,547,490 new common shares of Avance Gas.

Avance Gas' average daily trading volume for the one month period prior to the announcement of the offer was $3.0m while Aurora LPG's average trading volume for the same period was $0.5m,” said Avance Gas in a statement. “Increased liquidity will give better access to and over time better pricing in the capital markets.”