WESTSIDE REJECTS TAKEOVER

WESTSIDE REJECTS TAKEOVER
WESTSIDE Corp Ltd (ASX:WCL) has rejected a takeover bid by Landbridge Energy Australia, of 40 cents per share.

The subsidiary of Landbridge Group Co, based in China, delivered the bidding statement to the coal seam gas producer on April 24.

WestSide’s board of directors say the offer undervalued the company at $177.6 million, failing to take into account a number of projects in the pipeline.

The company recently announced a gas sale agreement with the GLNG (Gladstone Liquefied Natural Gas) consortium, expected to generate more than $110 million in revenue annually – at maximum production and current foreign exchange rates.

Landbridge initially offered 36 cents per share on March 10, before increasing the price.

WestSide recommends shareholders do not accept the conditional offer and will release a detailed report explaining the reasons later this month.

WCL is trading at 37 cents per unit.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Deliver on sustainable business promises with Modern Group’s WincovER rating
Partner Content
As a business owner, you’ll know that sustainability is a core part of developing...
Modern Group
Advertisement

Related Stories

Butter Insurance raises $1.3m to roll out insurance-at-checkout vision

Butter Insurance raises $1.3m to roll out insurance-at-checkout vision

Sydney-based insurtech Butter Insurance is gearing up for its natio...

Ellume plucked out of administration by rapid test competitor for $57m

Ellume plucked out of administration by rapid test competitor for $57m

Brisbane-based rapid COVID-19 test maker Ellume has been plucked ou...

Forrest snaps up renewable energy operator CWP Renewables

Forrest snaps up renewable energy operator CWP Renewables

Australian billionaire Andrew ‘Twiggy’ Forrest’s ...

Rideshare giant Uber books $21m penalty for misleading customers

Rideshare giant Uber books $21m penalty for misleading customers

US rideshare operator Uber has been slogged with $21 million in pec...