Hancock Energy has sweetened its takeover bid for warregoenergy, while MRLMinRes has quietly acquired a stake in the company energy acquisitions corporate Australia resources
PERTH – Suitor Hancock Energy has sweetened its bid for ASX-listed Warrego Energy, promising shareholders 36c a share in cash if acceptance of its offer reaches 40% or more.
The increased offer was up from the 28c a share in cash previously offered by Hancock Energy and follows on from ASX-listed Strike Energy’s increasing its own bid for Warrego in December last year.Strike is offering one of its own shares for every Warrego share held, implying an offer price of 33.5c a share on Strike’s last closing price. This was up from its initial offer in November, where Strike offered 0.
Hancock Energy over the weekend noted that three of the four Warrego directors considered the existing cash offer to be superior to Strike’s scrip offer, meaning the majority of the Warrego board had recommended that shareholders accept Hancock Energy’s offer.Hancock Energy currently holds more than 25% of Warrego shares. Hancock’s offer is expected to expire at the end of January.
In its second supplementary bidder’s statement, Strike Energy continued to argue the merits of its all-scrip offer, saying it represented the best value for Warrego shareholders, offering a 33.9% premium to Hancock’s 28c a share offer and 4.2% premium to Hancock’s proposed increased offer.Strike currently holds 19.9% of Warrego shares.
Meanwhile, ASX-listed Mineral Resources late last week quietly acquired a 16.35% interest in Warrego Energy, paying A$69.7-million for 200-million shares in the company. MinRes is the operator of the EP 368 permit in the Perth Basin, which is directly adjacent to Warrego's West Erregulla discovery.
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