Gilbert & Tobin Advises Arrow In $3.2B Sale To Shell

Law360, New York (March 22, 2010, 4:46 PM EDT) -- Australia-based gas mining company Arrow Energy Ltd. has been won over by an improved AU$3.5 billion ($3.2 billion) takeover bid from a joint venture between Royal Dutch Shell PLC and PetroChina Co. Ltd.

Arrow's board announced Monday that it would unanimously recommend its shareholders vote in favor of the acquisition. The deal sweetens a previous offer in early March of AU$3.3 billion ($3 billion), or AU$4.45 per share.

Shareholders of Arrow, a coal seam methane gas miner, will now be paid AU$4.70 per share by CS...
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