PERTH (miningweekly.com) – Suitor Hancock Energy has now secured a 27.03% interest in takeover target Warrego Energy, after extending its takeover offer period until February 10, earlier this week.
Hancock 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. The company’s takeover of Warrego is being haltered by ASX-listed Strike Energy, which is offering one new share for each Warrego share held.
Fellow-listed Mineral Resources (MinRes) spent A$69.7-million on a 16.35% stake in Warrego Energy which holds exploration acreage in the Perth basin, including the West Erregulla discovery, and adjacent to the EP 368 permit.
However, the company in January said that it had no interest in making a takeover offer for Warrego, and considered its interest in the takeover target as a "strategic stake". The company also opined that gas asset prices in the Perth basin were over-inflated.