Speculation continues to surround WestSide Corporation Limited’s
(ASX:WCL) latest mystery suitor after Liquefied Natural Gas Limited
(ASX:LNG) ruled itself out as the bidder.
Westside Corporation scored a new indicative takeover bid for 52 cents cash per share on Monday valuing the Queensland focused coal seam gas explorer at about $185 million.
Responding to speculation on Tuesday fellow gas developer Liquefied Natural Gas confirmed it had been undertaking due diligence on Westside but has not submitted a takeover bid and has no intention of doing so.
After receiving an indicative takeover bid from Liquefied Natural Gas earlier this year Westside Corporation last month requested firm proposals ahead of its annual general meeting scheduled for today.
Westside Corporation’s board said on Monday the latest offer is indicative, conditional, non-binding and confidential with no certainty a binding proposal will eventuate.
WestSide Corporation booked a net loss of $7.8 million in the 2012 financial year.
