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.