Mineral Resources (MRL) launched a rival bid against China Energy Reserve and Chemical Group Australia (CERCG) for the Perth-based oil and gas explorer AWE.
The proposal, received after the close of trading on Friday 8 December 2017, was an all-scrip offer worth $0.80 per share (structured as one new MRL share for each 22.325 AWE shares held), to be effected via a scheme of arrangement. MRL states that its proposal is not conditional on due diligence.
The AWE Board will evaluate the MRL proposal and the proposed takeover offer from CERCG Australia, and provide shareholders with a recommendation in due course. Until that recommendation is provided, the AWE Board has advised its shareholders not to take action in relation to the MRL proposal or the proposed offer from CERCG.