Strike won't increase Warrego offer

3rd February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia


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PERTH ( – Suitor Strike Energy on Friday confirmed it would not be increasing its current offer for takeover target Warrego Energy, with the company’s voting power now standing at 24.91%.

The ASX-listed Strike is offering one new share for each Warrego share held.

This compares to a takeover offer from Hancock Energy, which is offering 28c a share in cash for Warrego shares, which would increase to 36c a share if the Gina Rinehart-led company achieves a minimum 40% acceptance of its offer.

In its sixth supplementary bidder’s statement, released on Friday, Strike insisted that its offer continued to represent the best value for Warrego shareholders, implying a premium of 34.9% to Hancock’s 28c-a-share offer, and a 4.9% premium to that company’s increased offer.

Hancock currently holds a 26.42% stake in Warrego, and its offer is set to close on February 10.

Strike’s offer for Warrego is set to close on February 13.

Edited by Creamer Media Reporter


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