They could do so in a number of ways. The first is they do a...

They could do so in a number of ways.

The first is they do a cash offer - i.e. they will pay 3c a share (which would cost them around $165,000,000 [less the $33,000,000 or so in shares they currently own].

They could also offer a scrip bid, which is when they offer shares in Min for a SH shares in NWE. In such a situation the value on the company would be the same, but you get shares instead of cash. So for every 1,417 NWE shares you'd get 1 Min share (at the current price of a Min share.

They apparently have 1.5 Billion in cash so either seems possible.

It would likely be done under a scheme of arrangement they'd need to get 75% of the votes cast on the scheme to be approved and more than 50% of the number of shareholders voting would need to approve it. They can also do an off market or on market takeover bid where hey have a time limit to actually purchase the shares.

Min seem gung ho on gas, so I would have thought it might make sense to acquire NWE. I suppose it comes down to how much they value the gas in the ground, whether they have other irons in the fire that they want to prioritise and whether they think they can easily work with NWE if they stick around (which I imagine they would be comfortable with). Other factors may be that the reserve has much more gas than MIN needs for their current plans, and the slim possibility that NWE could be taken over by another company if MIN doesn't.

In any event I would imagine that they wouldn't act until the reserve and well are de-risked further, after a production test at least. Though that of course would up the price they have to pay.