Landbridge Group, a company based in Shandong Province, China, said that it conditionally intends to make an unsolicited off market takeover bid for all of the shares in WestSide Corporation for cash consideration of $0.36 per share ($160 million).
“The Board of WestSide is currently reviewing the terms o f the Intended Bid, and the conditions to a bid being made,” WestSide said in a statement.
“The Intended Bid is highly conditional and subject to, amongst other things, the approval of various third parties (including Chinese and Australian government regulatory approvals) and Landbridge undertaking due diligence,” the company added.
WestSide operates the Meridian SeamGas CSG fields west of Gladstone in Queensland’s Bowen Basin. The Meridian gas fields comprise a range of CSG assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland’s commercial gas network.
WestSide holds a 51% interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49%.
LNG World News Staff, March 10, 2014; Image: WestSide