Oil and gas exploration company AWE (ASX:AWE) announced it received an acquisition proposal from Mineral Resources (ASX:MIN) after the close of trade on Friday, offering $0.80 cents a share.
This comes after China Energy Reserve and Chemical Group Australia made a second acquisition proposal last week, offering $0.73 a share.
The AWE board said it will evaluate both proposals and will provide shareholders with a recommendation in due course.
The company has advised shareholders not to take any action in relation to the proposals.
Following a successful institutional placement last month which raised $38 million, and a current Share Placement Plan capped at $10 million, AWE has reduced its corporate debt facility limit from $300 million to $125 million, which is likely to result in $1.6 million in savings per year.
Shares in AWE (ASX:AWE) are trading flat at 73 cents.