AWE Recommends Takeover Bid from Mitsui for $0.95 Per Share

AWE Limited (AWE) (ASX: AWE) refers to its announcement on 31 January 2018 that it had commenced the matching rights process under the Mineral Resources Limited (MinRes) (ASX: MIN) Scheme Implementation Deed (SID), giving MinRes the opportunity to match the proposal received from Mitsui & Co., Ltd. (Mitsui) to acquire 100% of the shares in AWE for cash consideration of $0.95 per share, to be effected by way of an off-market takeover bid for AWE (the Mitsui Takeover Bid).

AWE also advises that MinRes did not match the proposal from Mitsui within the time period specified in the MinRes SID. As the AWE Board has determined that the Mitsui Takeover Bid is superior to the MinRes Scheme proposal, the AWE Board has now withdrawn its recommendation of the MinRes Scheme, and unanimously recommends that AWE shareholders accept the Mitsui Takeover Bid at $0.95 per share, in the absence of a superior proposal and subject to the independent expert concluding that the Mitsui offer price is fair and reasonable1. Each of the AWE directors intends to accept, or procure the acceptance of, the Mitsui Takeover Bid in respect of all AWE shares that they own or control, again in the absence of a superior proposal and subject to the independent expert concluding that the offer price is fair and reasonable.

AWE has entered into a Bid Implementation Deed (BID) with Mitsui in respect of the Mitsui Takeover Bid, a copy of which is attached to this announcement. AWE will also now terminate the MinRes SID. Accordingly the MinRes Scheme will now not proceed.


The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s