Hancock Energy's updated $304 million bid for Warrego Energy satisfies minimum condition
Adds deal background
Feb 6 (Reuters) -Gina Rinehart-owned Hancock Energy said on Monday that its updated A$0.36 per share offer for Australia's Warrego Energy WGO.AX, which valued the oil and gas explorer at A$440 million ($304 million) has received the minimum required 40% approval from Warrego shareholders.
As a result, all Warrego shareholders who accepted Hancock's offer will now receive A$0.36 cash per share, regardless of when they accepted the offer, said Hancock.
Warrego, which holds the West Erregulla gas fields in North Perth Basin in Western Australia, has been at the center of M&A battles, attracting offers from players such as Beach Energy BPT.AX, Strike Energy STX.AX and Hancock Energy.
Hancock said that it is now the controlling shareholder of Warrego, holding more than 50% of all Warrego shares.
Hancock kicked off the year by updating its offer to A$0.36 a piece from A$0.28 per share of Warrego and attached a condition that the updated bid would be applicable if it got 40% acceptance from Warrego shareholders.
Recently, Mineral Resources Ltd MIN.AX, which owns a 19.17% stake in Warrego, said that it would not make a takeover offer for Warrego on account of over-inflation of gas asset prices in the Perth Basin.
($1 = 1.4470 Australian dollars)
Reporting by Jaskiran Singh in Bengaluru; Editing by Diane Craft and Lisa Shumaker
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