AWE in the midst of a takeover battle

Shares in AWE have soared further after the oil and gas producer emerged as the focus of a likely bidding war between mining services firm Mineral Resources and a Chinese state-owned energy giant.

AAP

11 December 2017

Shares in AWE Limited (ASX: AWE) have soared further after the oil and gas producer emerged as the focus of a likely bidding war between mining services firm Mineral Resources (ASX: MIN) and a Chinese state-owned energy giant.

AWE on Monday said it had received a rival bid from Mineral Resources after the close of trading on Friday.

Under the all-stock proposal, the bidder will issue one Mineral Resources share for every 22.325 AWE shares, valuing the target company at 80 cents a share or $484 million.

That topped a sweetened takeover offer on Friday from China Energy Reserve and Chemical Group (CERCG), offering 73 cents per share, or $463 million, for AWE.

On Monday, AWE said its board was evaluating both offers and asked shareholders to take no action until it provided a recommendation.

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