AAP
Shares in gas explorer Arrow Energy Ltd have entered a trading halt, as the company prepares to release further information on the bid to take it over from energy giants Shell and PetroChina.
Arrow gave its reason for the trading halt as "pending (the) release of an announcement to the market concerning an update to the non-binding indicative and conditional proposal received from a company jointly owned by Royal Dutch Shell and PetroChina".
Arrow announced on March 8 that Shell and PetroChina had made a non-binding proposal to buy the company at $4.45 per share plus a share in a new entity set up to hold Arrow's international business.
Arrow previously had announced that it proposed to spin off its international business into a new, listed company.
Arrow shares closed on Thursday at $5.29.
The trading halt is to last until market open next Tuesday, March 23, or when it makes its announcement.
