AWE recommends Mitsui takeover offer

Company News

by Kathy Skantzos

Oil and gas company AWE (ASX:AWE) has announced it recommends shareholders accept the Mitsui takeover bid as Mineral Resources (ASX:MIN) has not matched the takeover offer.

The Mitsui takeover bid is subject to a 50.1 per cent minimum acceptance from shareholders.

AWE says its board of directors intends to accept the offer.

The Mitsui bid is priced at $0.95 per share at a market capitalization of $602 million.

This represents a 30 per cent premium on the China Energy Reserve and Chemical Group Australia bid.

Shares in AWE (ASX:AWE) are trading 3.55 per cent lower at $0.95.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.