Takeovers Panel pumps brakes on AWE

The Australian Government’s Takeovers Panel has ordered that China Energy Reserve and Chemical Group (CERCG) Australia must not send its offer to AWE shareholders until next week.

AWE is currently the subject of a conditional off-market takeover bid by CERCG Australia, which values the AWE at $0.73 per share.

AWE has also received a bids from Mitsui & Co Ltd and Mineral Resources (MinRes) to acquire 100 per cent of AWE shares for a cash consideration of $0.95 and $0.83 per share respectively.

On Wednesday last week, AWE initiated the matching rights procedure set out in the scheme implementation deed with MinRes.

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