Australia's AWE serves Mineral Resources notice to match Mitsui offer [Reuters]
MITSUI & CO LTD ADR (MITSY)
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Source: Reuters
Australia's AWE serves Mineral Resources notice to match Mitsui offer | Reuters 3 Min Read (Reuters) - AWE Ltd has given suitor Mineral Resources three days to match a A$594 million ($480 million) takeover offer from Mitsui & Co, or it will back the Japanese bid as a superior offer. The Australian gas producer said in a statement it notified Mineral Resources late Tuesday, giving it a deadline of Friday, Feb. 2 to match the Mitsui proposal, which was 14.5 percent above an offer from Mineral Resources. AWE said it would agree to Mitsui’s all cash offer of A$0.95 a share if Mineral Resources did not match it. Investors, however, are eyeing a higher bid emerging, with AWE’s shares currently trading at A$0.97 a share. Mineral Resources was not immediately available for comment on Wednesday, but a spokesman said in an emailed statement on Monday that the company was looking at Mitsui’s proposal and considering its position. Mitsui’s offer on Monday marked the first full takeover bid by the
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