PERTH – ASX-listed Beach Energy has withdrawn from the race for ownership of takeover target Warrego Energy, saying on Friday that it will not match the revised offer fromHancock Energy earlier this week increased its offer price from 23c a share to 28c a share, after Beach Energy at the end of last week increased its own takeover offer from 20c a share to 25c a share, after Hancock Energy’s initial bid.
Beach on Friday announced that the company had taken the decision not to exercise its matching right under a scheme implementation agreement signed with Warrego Energy, and instead would focus on its own acreage.
With Beach out of the running, Warrego Energy on Friday revised its recommendation that shareholders accept the Beach offer, urging shareholders to accept the Hancock Energy takeover offer, in the absence of a superior proposal. As for Strike’s shareholding in the company, Warrego said the suitor’s increased stake in Warrego would not impact the availability of the Hancock Energy offer, as the transaction was not subject to any minimum acceptance condition.Edited by: Creamer Media Reporter
Source: Energy Industry News (energyindustrynews.net)
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