WestSide Corporation Limited
(ASX:WCL) is again a takeover target with the coal seam gas explorer set to receive a $160 million takeover offer from a Chinese port, refinery and resources owner named Landbridge.
The private company has today revealed its intention to make an off-market bid at 36 cents cash per share, representing a 38 per cent premium to WestSide’s last close.
Landbridge says it has made the latest move after it was not allowed to engage in talks with its takeover target last month.
Landbridge believes the offer provides value for WestSide’s shareholders at a time when there is significant illiquidity in the company’s shares and uncertainty over the funding and development pathway for its assets.
The offer compares to a tentative 52 cent per share bid offered by PetroChina at the end of 2012 and withdrawn about six months later.
WestSide Corporation reported a net loss of almost $22 million in the 2013 financial year.
