- Mineral Resources (MIN) launches its plea to Norwest Energy (NWE) shareholders to accept its revised $431 million off-market takeover bid
- MinRes intends to offer six cents per share for full control of Norwest, representing a 43 per cent premium to Norwest’s last closing price on December 15
- The offer is now open, providing shareholders the ability to accept or reject MinRes’s takeover bid until February 6
- At market close, MinRes shares traded at $88.06 while Norwest shares traded at 6.7 cents
Mineral Resources (MIN) has launched its reiterated plea to Norwest Energy (NWE) shareholders to accept its revised $431 million off-market takeover bid.
The offer is now open, providing shareholders the ability to accept or reject MinRes’s takeover bid.
MinRes intends to offer to purchase NWE shares at an implied price of six cents per share, representing a 43 per cent premium to Norwest’s last closing price on December 15.
MinRes Managing Director Chris Ellison called the offer generous, considering only one well has been drilled and the inherent risks associated with additional drilling and resource definition.
“By rejecting our compelling offer without providing any alternative valuation, the Norwest board is failing its shareholders,” Mr Ellison said.
“We’ve got the balance sheet and team to get this project done, and a portfolio of assets that will underpin strong growth for decades to come.
“By accepting our offer, Norwest shareholders will maintain exposure to Lockyer Deep, as well as MinRes’ world-class portfolio of iron ore, lithium, mining services operations and our highly prospective energy position in the Carnarvon Basin.”
Norwest is MinRes’s minority joint venture partner in the Lockyer Deep gas project in the Perth Basin.
Shareholders will have until February 6 to make their decision, unless further extended.
At market close, MinRes shares traded at $88.06 while Norwest shares traded at 6.7 cents.