Battle for Warrego Energy heats up
PERTH (miningweekly.com) – ASX-listed takeover target Warrego Energy has received an improved offer from suitor Hancock Energy, which has increased its offer price from 23c a share to 28c a share.
The improved offer comes after ASX-listed Beach Energy at the end of last week increased its own takeover offer for Warrego Energy from 20c a share to 25c a share, after Hancock Energy’s initial bid.
Beach Energy had been given five days to improve its offering for Warrego Energy under a scheme implementation deed inked between Beach Energy and Warrego Energy.
Warrego Energy on Monday told shareholders that the increased offer from Hancock Energy was now considered to be the superior proposal and Beach Energy had again been given five business days to match the revised Hancock Energy takeover bid. Until Beach Energy has had an opportunity to match the revised Hancock Energy takeover offer, the Warrego Energy directors will maintain their existing recommendation in favour of the Beach offer.
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