PERTH (miningweekly.com) – Suitor Hancock Energy has gained an 83% foothold in takeover target Warrego Energy, with the Warrego board now unanimously recommending that shareholders accept the offer before it closes on February 24.
Hancock is offering Warrego shareholders 36c a share for their interest in the company.
The company on Thursday confirmed that once its ownership threshold reached 90%, it would proceed with the compulsory acquisition of the remaining Warrego shares, forcing hold-out shareholders to sell their shareholding at the offer price.
Hancock previously stated that once it has gained control of Warrego, it would review whether the company should be removed from the ASX. Hancock confirmed that if it obtained a greater than 90% interest in Warrego, it would certainly remove the company from the Australian bourse.