By Mirza Duran Singapore-based private company LNG-9 has withdrawn from a deal to buy the Australian-listed export project developer LNG Limited.
The two companies announced the all-cash takeover bid at the end of February under which LNG Limited shareholders would have received $0.13 in cash per share.
However, in the meantime, LNG Limited failed to secure bridge financing from First Wall Street Capital Corp. to keep the company afloat as it was running out of cash.
LNG-9 notified LNG Limited on Tuesday that it considers events including the failed bridge financing were “reasonably likely to have a material adverse effect” on the latter.
Read Full Article Here
For more great articles: LNG World News