Aurora backs Baytex takeover bid

Oil and gas group directors recommend NYSE-listed group's cash offer.

Aurora Oil and Gas (AUT) limited has backed a takeover bid from Canadian oil and gas company Baytex Energy Corp, listed on the New York Stock Exchange and the Toronto Stock Exchange.

In a statement to the Australian Securities Exchange, Aurora said it entered a scheme implementation deed with a price of $4.10 cash per share, implying a market capitalisation of $1.84 billion.

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