Hancock makes a play for Warrego
PERTH (miningweekly.com) – Gina Rinehart’s Hancock Energy, which is a subsidiary of Hancock Prospecting, has made a competing bid for ASX-listed Warrego Energy.
Hancock Energy on Wednesday announced an all-cash offer of 23c a share for all of the shares in Warrego, trumping a current 20c-a-share cash bid from ASX-listed Beach Energy, which earlier this month entered into a bid implementation deed with Warrego.
Beach is also offering an additional scheme consideration should Warrego’s Spanish assets be sold within 12 months of completing the transaction.
Warrego is also being courted by Strike Energy, which submitted a non-binding indicative all-scrip merger proposal to the Warrego board, offering 0.714 of its own shares for each Warrego share held.
Strike also offered to pay Warrego shareholders an additional scrip consideration for the company’s Spanish assets, if sold within 12 months of the transaction.
Hancock Energy’s offer for Warrego did not have a minimum acceptance, material adverse change or due diligence conditions.
In a statement on Wednesday, Hancock Energy, which is a 49.9% shareholder in fellow energy major Senex Energy, argued that its higher up-front cash offer provided a fast route for Warrego shareholders to receive cash, as it did not rely on shareholder voting thresholds, and that there were no risks attached to any future sales of Warrego’s noncore assets in Spain.
“Hancock Energy is delighted to provide a substantial all-cash offer that will be attractive and compelling for Warrego’s shareholders, including in light of recent proposals they have received,” said Hancock Energy director Stuart Johnston.
“Hancock Energy’s bidder statement has been lodged with the Australian Securities and Investment Commission, provided to Warrego, and disclosed on the ASX. We encourage Warrego shareholders to accept the offer at their earliest opportunity.”
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