Article Elisha Newell courtesy of Proactive Investors.
The battle for Warrego Energy continues with a new suitor in the mix — Gina Rinehart’s Hancock Prospecting has submitted a 23-cents-per-share takeover bid for the Perth-based energy company.
Warrego is already fielding offers from fellow ASX listers Strike Energy and Beach Energy, which valued the company at 18.6 cents and 20 cents per share, respectively.
Warrego said it would consider Hancock’s offer but it had already drawn up a scheme of arrangement with Beach that includes a ‘no talk’ provision.
“Under the Beach SID, Beach has a five-business day matching right before the Warrego board can change its recommendation to recommend a competing proposal,” the company stated today.
“At this time, the Warrego directors maintain their existing recommendation in favour of the Beach scheme proposal.”
