Warrego looks to Beach for higher bid
PERTH (miningweekly.com) – Takeover target Warrego Energy is looking at suitor Beach Energy to increase its takeover offer, after deeming a competing bid from Hancock Energy to be a "superior proposal".
Hancock Energy on Wednesday announced an all-cash offer of 23c a share for all of the shares in Warrego, trumping a current 20c-a-share cash bid from Beach Energy, which earlier this month entered into a bid implementation deed with Warrego.
Beach is also offering an additional scheme consideration should Warrego’s Spanish assets be sold within 12 months of completing the transaction.
Warrego is also being courted by Strike Energy, which is offering 0.714 of its own shares for each Warrego share held and is offering to pay Warrego shareholders an additional scrip consideration for the company’s Spanish assets, if sold within 12 months of the transaction.
Warrego on Thursday told shareholders that it had now determined the Hancock Energy takeover offer to be a superior proposal to the Beach Energy offer and had issued Beach a notice to match the Hancock Energy offer.
Under the scheme implementation deed, Beach has five business days to match a “superior proposal” before the Warrego board can change its recommendation to recommend a competing bid.
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