In today’s briefing:
- Warrego (WGO AU): Strike Energy (STX AU) Strikes with a Revised Offer
Warrego (WGO AU): Strike Energy (STX AU) Strikes with a Revised Offer
- Strike Energy (STX AU)’s revised off-market takeover is 1 STX share per Warrego Energy (WGO AU) share, a 29.0% premium to its previous offer and a 21.4% premium to Hancock’s offer.
- Hancock has the war chest to comfortably outbid STX. However, the smart move for Hancock is to be disciplined on price and instead bid for the combined STX/WGO post-completion.
- The Board’s view will be sent in Target’s statement to be despatched by 29 December. At the last close, the gross spread to STX’s offer is 6.3%.
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