Mineral Resources Is the Second Bidder for AWE Limited. No Change to AUD 7.00 FVE
No-moat-rated Mineral Resources proposes a competing scrip acquisition for AWE Limited, just one trading day after a formalised AUD 0.73 cash bid from China Energy Reserve and Chemical Group, or CERCG. Based on Mineral Resources' preceding AUD 17.86 close, the one-for-22.325 offer values AWE at AUD 0.80 or a 9.6% premium to CERCG’s offer. AWE shareholders would end up with 13.1% of the combined group. However, based on our unchanged AUD 7.00 Mineral Resources fair value estimate, the scrip would...Mineral Resources is a provider of mining infrastructure services. These services consist of: site services, including remote mine-site accommodation services, remote power services, and aerodrome management or personnel transport; mining services, including mine scheduling and grade control, mining operations and mine site haulage, dewatering and equipment hire; plant or processing services, including crushing and mineral processing, mobile processing services, and pipeline and water solutions; transport services, including road and rail logistics, ownership of locomotives and wagons, and road transport solutions; port services, including port logistics; and commodity sales and marketing.
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