Deals
Baytex Boosts Offer to Buy Aurora Oil to $1.8 Billion
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Baytex Energy Corp., bidding for Aurora Oil & Gas Ltd., sweetened its cash offer for the Australian company to A$1.9 billion ($1.8 billion), winning the backing of the target’s two biggest shareholders.
Baytex raised its bid by 10 cents to A$4.20 a share from an initial offer in February, the Calgary-based heavy-crude producer said yesterday in a statement. The acquisition to expand its shale portfolio with Aurora’s U.S. assets would be Baytex’s biggest. Aurora rose 5.8 percent to A$4.18 in Sydney.