Avance changes Aurora bid conditions

Avance Gas has changed the conditions in its takeover bid on competitor Aurora LPG. From needing a 90 percent approval from the shareholders, this has now been changed to 29 percent, informs Avance in a corporate statement.

Photo: Avance Gas

Norwegian carrier Avance Gas has changed the conditions in its attempt to take over gas carrier Aurora LPG, which like Avance sails with the largest vessels, the VLGCs. In the original offer, Avance needed a minimum approval of 90 percent from the stakeholders in Aurora, but that number has now been lowered to 29 percent, Aurora announces in a statement.

CEO Christian Andersen declines to elaborate for ShippingWatch, what the background for this decision is. But it arrives the same week as BW LPG opted to increase its owner's share in Aurora LPG from a modest 1.79 percent to 12.13 percent. Now it looks like Avance will not give up without a fight.

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