Australian mining company AWE, (ASX:AWE) has provided an update on its takeover offer from Japanese company Mitsui.
Mitsui intends to declare the offer unconditional if it acquires at least 50.1 per cent of AWE shares on or before the 14th of March 2018.
Following the withdrawal of an offer by Chinese Energy Reserve and Chemical Group (CERCG) last week Mitsui’s offer is currently the only offer available to AWE shareholders for their shares.
The AWE board has unanimously recommended that shareholders accept the offer.
If Mitsui declares the offer unconditional, Mitsui intends to provide accelerated payment terms so that AWE shareholders will be paid within 7 business days following the acceptance.
Shares in AWE (ASX:AWE) are trading 0.26 per cent higher at $0.95.