According to The Australian Financial Review, takeover tensions around oil and gas play AWE Ltd have risen to fever pitch with the emergence of a potentially knockout $602 million all-cash offer from Japanese trader Mitsui and still some suggestions this third suitor may not be the last.
Mitsui's 95¢ a share offer easily trumps the $526 million deal the energy producer sealed with Mineral Resources before Christmas at 83¢ a share. It also eclipses the bid from China Energy Reserve and Chemicals Group at 73¢ a share that kicked off the takeover tussle but which is now well out of the running without a substantial increase.
AWE shares, which were trading at 45¢ as recently as mid-October, surged 16.5 per cent to 99¢, signalling that at least some investors believe the bidding war may have further to play out.
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