Baytex Energy announced that it is increasing the consideration payable for Aurora Oil & Gas to A$4.2 (US$3.9) from A$4.1 per share. Baytex had entered into an agreement to acquire Aurora for C$2.6 billion (US$2.35 billion) on 7-Feb-2014.
In addition, Baytex announced that Harbour Advisors and Stirling Global Value Fund Inc, together holding approximately 17.4% of the issued and outstanding Aurora shares, have stated they intend to vote their Aurora shares in favor of the scheme of arrangement in the absence of a superior proposal.
Baytex will work with Aurora to amend the 'Scheme Implementation Deed' to reflect the increased offer price. Baytex's board has unanimously approved the revised offer.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.