In today’s briefing:
- Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)
Norwest Energy (NWE)’s Opportunistic Bid from Mineral Resources (MIN AU)
- Mineral Resources (MIN AU) has launched an all-scrip off-market takeover offer at 1 MIN share for every 1,367 Norwest Energy Nl (NWE AU) shares, a 33.3% premium to undisturbed price.
- There is no minimum acceptance condition, and the offer is only subject to prescribed occurrences. The timing is opportunistic and motivated by recent Perth Basin consolidation activity.
- While the offer implies a premium to historical prices, the gross exchange ratio is unattractive. MIN’s key aim is privatisation, and a bump is likely required to achieve that goal.
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