AWE’s independent expert says Mitsui’s offer is fair

Company News

by Jessica Amir

Oil and gas company, AWE (ASX:AWE) has told shareholders to reject the under takeover bid from the Chinese state-owned firm, China Energy Reserve and Chemical Group (CERCG) for $0.73 and accept Mitsui & Co’s takeover offer of $0.95 per share.

It comes as AWE released an independent expert report stating that Mitsui’s offer is fair and reasonable.

Independent expert, Grant Thornton Corp made their judgement as they valued AWE’s shares in the range of $0.78 to $1.06.

Mitsui’s offer is valid to 23 March 2018 at 7pm unless its extended.

AWE shares closed flat yesterday at $0.96.

Jessica Amir

Finance News Network
Jessica is a senior finance journalist and presents bulletins including the Market Outlook, Market at Midday and Market Wrap. She also interviews ASX CEOs and leading fund managers. She joined FNN in January 2017 with over six years of broadcast journalism experience including with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for Prime 7 and WIN News. Jessica has worked in financial planning for over six years with leading wealth managers and in real estate.