In response to Mitsui’s proposal to take over oil and gas company AWE (ASX:AWE), the company has issued a matching rights scheme to Mineral Resources (ASX:MIN) offering to match the proposal.
Mineral Resources (ASX:MIN) has three business days to match Japanese company Mitsui’s takeover proposal for a cash consideration of $0.95 a share.
AWE says it intends to enter the agreement with Mitsui if Mineral Resources does not respond or match the proposal.
During the December quarter, AWE entered a gas sales agreement with Origin Energy (ASX:ORG) to take over the Casino Henry gas production from March to December 2018.
The company also raised $48 million in an institutional placement and share purchase plan during the quarter.
Shares in AWE (ASX:AWE) are trading 0.77 per cent lower at $0.97.