Falcon Oil & Gas Australia Ltd (Falcon Australia) has won shareholder approval for Tamboran Resources Corp’s takeover offer, part of a brigger transaction under which Tamboran is to merge with Falcon Australia’s parent, Falcon Oil & Gas Ltd (Falcon).
The ballot at a general meeting held by Falcon Australia approved Tamboran’s purchase of Falcon’s 98.1 percent stake in the publicly listed subsidiary, according to online statements by Falcon and Tamboran on Tuesday.
Tamboran said the purchase of Falcon’s interest in Falcon Australia would give it “the option of compulsorily acquiring” the remaining ownership held by minority shareholders. Sydney, Australia-based Tamboran said it intends to acquire the leftover after completing the broader transaction to take over British Columbia, Canada-incorporated Falcon.
The Falcon Australia stake owned by minority shareholders would be priced “no less than the price being paid to Falcon as part of the broader transaction”, Tamboran said.
Tamboran expects the vote by its shareholders and a separate vote by Falcon shareholders on the broader transaction to be held next month. Thereafter, within the same month, the merger would be consummated after Falcon obtains a final court order in BC, Tamboran said.
On September 30, 2025, Tamboran and Falcon announced a definitive merger agreement that they said would create a leading position of about 2.9 million net acres in the Beetaloo sub-basin onshore Australia’s Northern Territory.
Tamboran is to acquire Falcon by issuing about 6.54 million shares listed on the New York Stock Exchange (NYSE) to Falcon shareholders. Additionally Tamboran would pay $23.7 million in cash, a joint regulatory filing said.
“On completion, Falcon will distribute Tamboran shares to eligible shareholders of Falcon at an exchange ratio of 0.00687 shares of Tamboran NYSE common stock for each Falcon common stock”, stated the disclosure with the Australian Securities Exchange.
“Falcon shareholders will own ~26.8 percent of the pro forma business. Tamboran stockholders will own the remaining 73.2 percent.
“The transaction values Falcon’s subsidiaries at CAD 239 million ($172 million), at an implied offer price of CAD 0.2154 per share. This reflects a 19.7 percent premium of the closing price of Falcon on the TSX [Toronto Stock Exchange] on September 29, 2025 and a 53.2 percent premium to the 90-day traded VWAP [volume-weighted average price].
“The acquisition is accretive to Tamboran stockholders given the implied acreage value of $169 per acre reflects a four percent discount to Tamboran’s current implied acreage value of $176 per acre”.
Tamboran and Falcon are already partners through the Beetaloo Joint Venture, which last year sanctioned the Shenandoah South Pilot Project. The natural gas project has a planned capacity of 40 million cubic feet a day.
To contact the author, email jov.onsat@rigzone.com
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