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.