ARC Energy, a unit of AWE Ltd., has made an on-market takeover bid worth 40 cents per share for Adelphi Energy Ltd, a Perth based energy explorer. Investment bank Macquarie Group Ltd, the adviser of ARC Energy, provided this information today. Macquarie has offered to buy

Adelphi Energy Ltd on behalf of AWE Ltd today. The investment bank said that the bid would stand until the close of trade on July 10 this year.

According to the bid, ARC will accept up to a maximum of 112 million shares valuing its bid for outstanding shares at around $A45 million. At the price of 40 cents per share, ARC is offering a premium of around 43% on Adelphi’s last closing price.

Macquarie also said that the offer has no conditions. It can be accepted immediately on market, with cash payment on three trading days after acceptance. AWE Ltd already owns 33% stake in Adelphi. Bruce McKay, chairman of AWE, has encouraged the shareholders of Adelphi to accept the cash offer as soon as possible.

On the other hand, Adelphi Energy has urged its shareholders to take no action regarding the on market takeover offer by AWE. The shares of Adelphi closed at 41 cents today, gaining 46.5% over Friday’s price.