Anzon reported that the Federal Court of Australia yesterday ordered a meeting of shareholders to vote on the proposed merger on January 29 in Sydney

The board of its parent company Anzon Energy has unanimously agreed to swing its 53.1% shareholding in favour of the proposed merger, providing no superior offer is brought to the table.

In addition, Anzon said Deloitte Corporate Finance - commissioned to prepare an independent expert’s report - has concluded that the merger is fair and reasonable and recommends shareholders approve the merger in the absence of a superior proposal.

But Nexus has continued building its shareholding in Anzon, so that as of December 3 it held 19.4% of its total issued stock.

Anzon tried to acquire Nexus last year in a hostile takeover. After that bid failed, the company reconsidered its options.

The Anzon board decided that being essentially a one-asset company was restricting its growth and the time had come to look at a merger.

Nexus was keen to turn the tables and acquire Anzon. But after talks broke down earlier this year, it opted to build a stake through its major shareholder Viking Shipping, which was buying Anzon shares.

Meanwhile, Arc knocked on the front door, joining numerous other suitors in submitting a tender process and signing a confidentiality agreement.

Anzon opened its data room to these interested parties, and now several months later, Arc has won the tender.

At first glance, there are greater synergies between Nexus and Anzon – which both have offshore Gippsland holdings, including some shared permits – than between Arc and Anzon.

But Arc says its Western Australian and BassGas gas assets are complementary to Anzon’s Basker Manta Gummy project.

BMG will need significant investment in order to move into its next phase, and making this investment would allow Arc to avoid paying Petroleum Resource Rent Tax on its producing assets.