It does not look set to be an easy task for Norwegian carrier Avance Gas to complete its attempt at acquiring competitor Aurora LPG. When Avance in mid-November announced its plans to make a bid on Aurora, the Aurora board of directors aired a degree of skepticism about the attempt in the wake of the announcement. Now the board calls on its shareholders to reject the offer.
"The Board has unanimously resolved to recommend shareholders not to accept the offer. The Offer fails to fairly reflect the values of the company, both from a fundamental, absolute and relative perspective," writes the board in a statement, stressing that it remains unconvinced that a merger with Avance Gas represents the best way to safeguard the carrier's values.
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