Mitsui Trumps Mineral Resources’ AUD 0.83 Bid for No-Moat AWE With an AUD 0.95 All-Cash Offer
AWE has received an all-cash AUD 0.95 per share off-market takeover offer from Mitsui. Mitsui’s bid is free from due diligence, financing, and regulatory approvals, but is conditional upon AWE terminating a proposed takeover scheme with Mineral Resources by close of business on Feb. 2, and upon achieving minimum 50.1% acceptances from AWE shareholders. Mitsui’s bid represents a 14.5% premium to, and is a cleaner and simpler proposition than, Mineral Resources’ half cash/half scrip AUD 0.83 per s...AWE is an independent energy company focused on upstream oil and gas opportunities. Co. has a portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia. As of June 30 2016, Co. had total proved developed and undeveloped reserves of 44.4 million barrels of oil equivalents, which consisted of 151.9 petajoules of sales gas, 73.4 kilotons of liquefied petroleum gas, 0.9 million barrels of condensate, and 17.4 million barrels of oil.
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