Norwest recommends MinRes’ revised takeover offer
Perth basin-focused Norwest Energy has asked its shareholders to accept Minieral Resources’ (MinRes) revised off market takeover bid, it said on January 24.
MinRes has agreed to improve the consideration so that Norwest shareholders will now receive one fully paid ordinary MinRes share for every 1,300 Norwest shares held. This equates to an implied offer price of A$0.074/per Norwest share. Previously, MinRes had offered one fully paid ordinary share for every 1,367 Norwest shares. This implied an offer price of A$0.06/Norwest share.
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The closing date for the revised offer will be extended to February 20 to allow Norwest shareholders time to accept.
“The Norwest board is satisfied that MinRes’ improved offer is now a good deal for shareholders, and in the absence of a superior offer, unanimously recommends shareholders should accept the revised offer before it closes,” Norwest chairman Ernie Myers said.
Norwest is MinRes’ minority joint venture partner in the Lockyer Deep gas project in the Perth basin. MinRes is also the largest shareholder in Norwest, holding approximately 19.9% interest.