Armour Energy rejects WestSide takeover offer

Brisbane-based Armour Energy on Wednesday advised its shareholders to reject a takeover offer by CSG producer Westside Corporation.

The Board of Armour unanimously recommends that shareholders reject the opportunistic and inadequate Westside offer as it significantly undervalues the company both in terms of its existing assets, and the potential value the company expects to deliver to its shareholders in the near future,” the company said in a statement.

WestSide, which is owned by China’s Landbridge Group recently proposed an unsolisited takeover bid of Armour Energy comprising of a $0.12 per share offer.

Executive Chairman of Armour Energy, Nicholas Mather said: “The offer does not reflect the current or potential value of Armour’s assets and comes at a time when the company is in the process of decisively rebuilding its business and in the context of increasing demand for gas in Australia.”

 

Image: Armour Energy

 

 

 

Share this article

Follow LNG World News

Events>

<< Oct 2019 >>
MTWTFSS
30 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >

LNG Bunkering Mediterrean

The only 3-day course offering theoretical and practical training on LNG bunkering designed by the Mediterranean market leaders.   

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >