AWE recommends shareholders take no action in relation to bid by CERCG
AWE Limited (ASX:AWE) notes the announcement today from China Energy Reserve and Chemical Group Australia Pty Ltd (CERCG Australia) regarding its unsolicited conditional off-market takeover bid for AWE at $0.73 per share.
The AWE Board advises shareholders to take no action in relation to the offer or any document received from CERCG Australia until they receive the AWE Board’s formal recommendation.
The AWE Board will evaluate the offer and provide shareholders with a recommendation in due course.
The AWE Board will keep shareholders and the market informed of further developments and provide a formal recommendation on the bid in time for shareholders to make an informed decision on how to deal with the bid.
The AWE directors’ focus will be on shareholder value maximisation and this offer, or any other offers or proposals, will be considered in that context.
AWE has appointed UBS AG, Australia Branch, and Highbury Partnership as financial advisors and Allens as legal advisor.
Source / More: AWE
Related; CERCG Offer higher takeover bid for AWE
China Energy Reserve and Chemical Group (CERCG) made a second, higher takeover bid for AWE, following the withdrawal of its initial offer earlier this week.
The new $463 million all-cash bid is pitched at 73¢ a share, up 2¢ a share on its previous offer according to media reports.
It represents a 33 per cent premium to AWE’s 54¢ trading price on November 29 – the day before the initial offer lobbed – but only 12 per cent above its Friday midday trading price of 65¢.
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