AWE receives acquisition proposal from Mineral Resources
Monday, December 11 2017 - 03:02 AM WIB
ASX-listed AWE Limited said on Monday it has received a proposal from Mineral Resources Limited (MRL) after the close of trading on Friday for a scrip acquisition at $0.80 per share (structured as one new MRL share for each 22.325 AWE shares held), to be effected via a scheme of arrangement. MRL states that its proposal is not conditional on due diligence.
?The AWE Board will evaluate the MRL proposal and the proposed takeover offer from China Energy Reserve and Chemical Group Australia (CERCG Australia), and provide shareholders with a recommendation in due course.? AWE said in a statement.
?Until that recommendation is provided shareholders should take no action in relation to the MRL proposal or the proposed offer from CERCG Australia,? it added.
AWE has appointed UBS AG, Australia Branch, and Highbury Partnership as financial advisors and Allens as legal advisor.
AWE Limited said on December that it has received notice from China Energy Reserve and Chemical Group Australia Pty Limited (CERCG), that the latter company had formally withdrawn its conditional, nonbinding indicative proposal to acquire 100 percent of the shares in AWE for $0.71 per share.
In Indonesia, AWE holds a 50 percent interest in the undeveloped Ande AndeLumut (AAL) Oil Project in Indonesia's Northwest Natuna Sea.
Editing by Reiner Simanjuntak