Neon Energy and MEO Australia said they have entered into a merger implementation agreement (MIA), agreeing to merge by the way of an MEO scheme of arrangement.
Under the merger, MEO shareholders will receive 0.7369 Neon shares for each MEO share they hold. Following implementation of the merger, Neon and MEO shareholders will each hold 50% of the merger group.
The transaction will combine Neon’s cash resources with MEO’s diverse portfolio to create a well-capitalised junior E&P company, positioned to take advantage of existing opportunities within the combined asset and new ventures portfolios as well as further business development opportunities in the E&P sector.
Neon board preferred the merger option with MEO to the Evoworld offer, with MEO board also voting for the merger.
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Press Release; Image: MEO