ARC Energy push takeover of Adelphi

ARC Energy is urging shareholders to disregard advice from the board of Adelphi and approve its takeover bid.

Adelphi concluded in its target's statement this week that ARC Energy's offer was neither fair nor reasonable.

The directors of Adelphi unanimously recommended that shareholders reject ARC Energy's offer.

ARC Energy released a statement disagreeing with the target's statement.

ARC Energy has urged Adelphi shareholders to consider the takeover bid for a number of reasons, including that Adelphi has significant funding needs going forward and because there are no rival bidders.

ARC Energy has offered $0.40 a share and its offer is scheduled to close on 9 July 2010.