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CERCG Withdraws AWE Takeover Bid

Source: www.gulfoilandgas.com 2/27/2018, Location: Not categorized

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AWE has advised shareholders that CERCG has obtained ASIC's consent, pursuant to section 652B of the Corporations Act, to withdraw its off-market takeover offer to acquire 100% of the shares in AWE for cash consideration of $0.73 per share.

The CERCG Bidderís Statement was dispatched to AWE shareholders on 15 February and the AWE Targetís Statement in respect of the CERCG Offer was dispatched to shareholders on 26 February, 2018.

Pursuant to the terms of ASIC's consent, the CERCG Offer will be withdrawn effective as at 5.00pm (AEDT) on 27 February 2018 (the Withdrawal Date).

The effect of the withdrawal of the CERCG Offer is that no acceptances will be processed by CERCG, and CERCG will not pay any consideration to AWE shareholders who had accepted the CERCG Offer. On this basis, from the Withdrawal Date, AWE shareholders who had accepted the CERCG Offer will be free to deal with their AWE shares as they see fit.

The AWE Board continues to unanimously recommend that shareholders ACCEPT the off-market takeover offer by Mitsui & Co to acquire 100% of the shares in AWE for cash consideration of $0.95 per share, in the absence of a superior proposal.

The Mitsui Bidderís Statement was dispatched to AWE shareholders on 13 February and the AWE Targetís Statement in respect of the Mitsui Offer was dispatched to AWE shareholders on 26 February, 2018.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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