Coal Seam Gas Explorer Westside Gets Takeover Bid

China based Landbridge Group has made A$160 million takeover offer to Australian coal seam gas explorer Westside Corporation.

“Landbridge Group, a company based in Shandong Province, China, has today announced that it conditionally intends to make an unsolicited off market takeover bid for all of the shares in WestSide Corporation Limited for cash consideration of $0.36 per share,” Westside said in a statement Monday.

The Australian firm said that it is currently reviewing the terms of the bid, and the conditions to a bid being made. “However, as there is no guarantee that any formal offer will eventuate, shareholders are advised to take no action at this time.”

Landbridge Group is involved in port logistics, petrochemicals, timber trading and processing, and real estate development.

Westside is a publicly listed Brisbane-based coal seam gas producer with gas production, significant reserves and exploration interests in Queensland, Australia.

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