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    Senex gives POSCO more time to close the takeover deal

Summary

The exclusivity period is now scheduled to end on December 10.

by: Shardul Sharma

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Complimentary, Natural Gas & LNG News, Asia/Oceania, Security of Supply, Corporate, Mergers & Acquisitions, Investments, News By Country, Australia

Senex gives POSCO more time to close the takeover deal

Sydney-listed Senex Energy has given a two-week extension to the exclusivity period for Korea’s POSCO International to acquire 100% of the Australian company, it said on November 29.

POSCO had requested the extension to provide additional time for the receipt of necessary internal and board approvals. The exclusivity period is now scheduled to end on December 10.

Senex on November 8 received an improved non-binding takeover proposal from POSCO for a cash price of A$4.60 ($3.26)/share. Senex’s board has backed the improved offer.

However, Senex said that there is no certainty the discussion with POSCO will conclude in any binding transaction or agreement.