WestSide Tells Shareholders to Take No Action on Landbridge's Takoever Bid

WestSide Corporation Limited, a company with gas production, reserves and exploration interests in Queensland, Australia, announced that the firm has today received notification that Landbridge Group Co., Ltd. (Landbridge) has declared its offer unconditional and offer price final (in the absence of a higher offer).

"WestSide continues to recommend that shareholders take no action with respect to Landbridge’s offer," the company said in a press release.

Landbridge, a firm based in Shangdong Province, China, made an unsolicited off market takeover bid March 10 for all shares in Westside for a cash consideration of $0.325 (AUD 0.36) per share.

Westside's board of directors recommended May 5 that shareholders reject a revised conditional offer by Landbridge for $0.37 (AUD 0.40) per Westside share as it "does not represent fair value for the company as, amongst other things, it does not take into adequate account of the value anticipated to accrue to Westside on the terms of the recently announced gas sale agreement with the GLNG consortium (Santos, Total, Petronas and Kogas)," the company said in a press release.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Wood Group Engineers to Carry Out Sakh... (May 22)
 -  Sentinel Marine Takes Delivery of New ... (May 22)
 -  Schlumberger Signs MoU with Saudi Aram... (May 22)
 -  BP Staff Raise Money for 4 Charities w... (May 19)
 -  Norwegian Production Drops Month-on-Mo... (May 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
IT Engineer II
Expertise: Engineering Manager
Location: Houston, TX
 
Construction Contracts Analyst
Expertise: Contracts Administration|Legal
Location: Alpharetta, GA
 
Senior Construction Contracts Manager
Expertise: Construction Manager|Legal
Location: Alpharetta, GA
 
search for more jobs

Brent Crude Oil : $53.87/BBL 0.48%
Light Crude Oil : $50.73/BBL 0.79%
Natural Gas : $3.33/MMBtu 2.14%
Updated in last 24 hours