Strike says its offer represents the "best value" for Warrego shareholders
ASX-listed Strike Energy on January 6 said its all-scrip offer represents the best value for Warrego Energy shareholders.
Strike said its all-scrip offer of A$0.375 ($0.25)/share represents a 33.9% premium to Hancock Energy’s current offer of A$0.28/share and a 4.2% premium to Hancock's proposed offer of $0.36/share based on Strike’s closing share price on January 5 of A$0.375/share.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
Hancock on January 5 announced a fresh offer of $0.36/share for Warrego, higher than its previous bid of A$0.28/share. The new offer is conditional on Hancock achieving 40% or more total acceptances under its offer.
“Warrego shareholders should note that Hancock has not yet actually increased its offer price,” Strike said. “If Warrego shareholders accept the Hancock offer now they will only receive payment of $0.28 per Warrego share unless and until Hancock receives acceptances of 40% or more and increases its offer price, as it has proposed, before the expiration of its offer on 31 January 2023.”
“Strike continues to believe that Strike’s all-scrip offer of one Strike share per Warrego share currently represents the best value for all Warrego shareholders. The Strike board believes Strike's offer is highly attractive to Warrego shareholders and is superior to Hancock's current offer and Hancock’s proposed offer,” the company added.
Warrego, which owns assets in the Perth basin, has been at the center of an intense takeover battle over the past couple of months. In addition to Strike and Hancock, Beach Energy too was eyeing Warrego until December 9, when it announced it was quitting the race.