Mitsui victory for AWE battle?

AWE’s board has recommended Mitsui’s all cash bid of A$0.95/share which was received on 28th January. This superior offer follows a heated battle since the end  of last year. November 2017: CERCG cash bid of A$0.71/share conditional on due diligence, rejected following AWE’s assessment that it undervalued the company December 2017: CERCG revised cash offer of A$0.73/share December 2017: Mineral Resources scrip offer at A$0.80/share December...

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AWE: an unexpected union

The AWE Board has unanimously recommended a revised bid by Mineral Resources (“MinRes”). The offer terms are A$0.415 in cash and between 0.0198 and 0.0277 MinRes shares per AWE share. The exchange ratio will depend on the VWAP for the 10 days prior to the scheme vote. The previous offer was a full scrip offer at A$0.81. This values the offer at an implied price of c.A$0.83 per AWE share and will be implemented by a Scheme of Arrangement, which...

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