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FAR investor pounces with ‘cheeky’ $45m bid
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“It’s very opportunistic, and it’s not going to fly at this share price, clearly,” FAR managing director Cath Norman told The Australian Financial Review, describing the offer as “cheeky”.
She said that just FAR’s cash and the contingent payment from Woodside meant its shares were worth about $1 each “on a fair basis”.
Samuel Terry director Fred Woollard declined to comment on the drivers for the offer but highlighted the premium it offers over the previous market price for shareholders.
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