Westside Receives Takeover Bid

Australian coal seam gas company WestSide Corp, has received a takeover proposal from a party which has conducted extensive due diligence on the company. The proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share. 

The Board has not yet formed a view on the indicative offer price and advises shareholders to take no action at this time while the Board assesses the proposal, the company said.

In the meantime WestSide is facilitating access to final due diligence information which the party submitting the proposal has requested. The Board has agreed with the party which has submitted the proposal that the company will not solicit proposals from other parties for a three week period to allow time for further due diligence and negotiation.