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Apollo Gas ticks takeover by Dart Energy

Junior oil and gas explorer Apollo Gas Ltd has agreed to be taken over by coal seam gas project developer and Arrow Energy Ltd-spin off Dart Energy Ltd.

Dart said in a statement on Tuesday that Apollo's independent directors had unanimously recommended the proposal in the absence of a better offer.

The all-scrip deal comprises three Dart shares for every four Apollo shares held and three comparable Dart options for every four Apollooptionsheld.

Dart said this gave the target a total implied consideration value of 79 cents per share.

At 1250 AEST, shares in Apollo and Dart were untraded at 61 cents and $1.05, respectively, after emerging from a trading halt entered into on Tuesday morning, before the proposed deal was announced.

The offer attributes an enterprise value to Apollo of $145 million