In today’s briefing:
- Warrego: Gina Bumps As MinRes (Potentially) Circles
- Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large
Warrego: Gina Bumps As MinRes (Potentially) Circles
- Talk about a crowded register. Gina Rinehart’s Hancock has 25.91%, Strike Energy (STX AU) has 19.9%, and now a new player, possibly MinRes (MIN AU), has taken a ~15% stake.
- 186mn shares in Warrego, or 15.2% were crossed in after market yesterday at HK$0.35/share. Regal Funds is understood to be one large seller. No shareholding disclosure has emerged.
- Not one to rest on its laurels, Hancock immediately bumped the Offer to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.
Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large
- Hancock increased its Warrego Energy (WGO AU) off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.
- Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be Mineral Resources (MIN AU)).
- Strike Energy (STX AU)’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.
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