Mineral Resources Ltd. (MinRes) increased its takeover offer for Norwest Energy NL, valuing the target at $497 million (Aus.).
The new bid offers Norwest shareholders one MinRes share for every 1,300 Norwest shares. Based on the Jan. 24 closing price, the offer equates to an implied offer of $0.741 (Aus.) per Norwest share—a 65% premium to the original MinRes takeover offer made Dec. 15. 2022.
The revised bid is unconditional MinRes said.
Norwest Energy directors have unanimously recommended that shareholders accept the new bid in the absence of a superior offer.
The revised MinRes offer provides Norwest shareholders with the opportunity to maintain an interest in the onshore North Perth basin Lockyer gas project through an investment in MinRes, which has a greater balance sheet underpinned by a diverse portfolio of operations, said Norwest chairman Enie Myers.
Closing for bid acceptance has been extended to Feb. 20.