PERTH (miningweekly.com) – Takeover target Senex Energy has granted suitor POSCO International Corporation a two-week extension to the exclusivity period of their negotiations, which is now scheduled to conclude on December 10.
POSCO has requested the extension to allow the company additional time to obtain the necessary internal and board approvals.
POSCO is offering Senex shareholders A$4.60 a share for their interest in the company, which the board intends to unanimously recommend, subject to the companies negotiating an acceptable scheme implementation agreement, and an independent expert concluding it is in the best interest of shareholders, and no superior proposal emerging.
Senex said on Monday that in its most recent correspondence, POSCO has reconfirmed the commercial terms of its proposal, and noted that it has completed its confirmatory due diligence enquiries.