Hancock's revised offer for Warrego receives required approval
Australian billionaire Gina Rinehart’s Hancock Energy on February 6 said its revised A$0.36/share offer for Perth basin-focused Warrego Energy has received the minimum required 40% approval from Warrego shareholders.
All Warrego shareholders who accept, or have accepted, Hancock’s offer will receive $0.36/share, regardless of when they accepted the offer, Hancock said.
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Hancock on January 5 announced a fresh offer of $0.36/share for Warrego, higher than its previous bid of A$0.28/share. The new offer was conditional on Hancock achieving 40% or more total acceptances under its offer.
Hancock said its relevant interest in Warrego has now reached a majority position of approximately 50.54%, which means it has become Warrego’s controlling shareholder.
Warrego, which owns assets in the Perth basin, has been at the center of an intense takeover battle over the past couple of months. In addition to Strike and Hancock, Beach Energy is also eyeing Warrego.