Nexus Energy, the next takeover target
Posted by BBY on 24 August 2011
Shell's proposed joint cash offer for Bow Energy (A$1.435, -0.3%) at A$1.48ps, is at 67% premium to BOW's previous closing price (A$0.885ps), we feel a similar situation could potentially occur for Nexus Energy (A$0.205, +13.9%).
Santos (A$11.32, -3.7%) recently offered a A$0.90ps (to mop up the remainder of Eastern Star Gas (A$0.76, -2.6%) it did not own) which was at 51% premium to ESG's close of A$0.595ps on 15 July 2011.
While far from certain, a potential opportunistic bid for NXS based on a similar "premium" would imply a NXS share price of about A$0.30ps - i.e. cheap. We doubt whether investors would cave in on this hypothetical scenario given we think NXS is worth more than this. Our valuation is A$0.74ps with a Strong BUY recommendation.
take over target
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Last
22.5¢ |
Change
0.015(7.14%) |
Mkt cap ! $65.63M | |||
| Open | High | Low | Value | Volume |
| 22.0¢ | 24.5¢ | 22.0¢ | $85.34K | 363.8K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 100000 | 22.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 23.5¢ | 10003 | 1 |
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| NXS (ASX) Chart |