Australia's AWE Rejects Proposed Acquisition by Lone Star Fund

AWE Limited, an Australian based oil and gas exploration and production company, announced Wednesday that it has received an unsolicited indicative, conditional and non-binding proposal from Lone Star Japan Acquisitions, Ltd on behalf of a Lone Star Fund, to acquire all of the shares in AWE for a cash consideration of $0.59 (AUD 0.80) per share (Proposal). The Proposal was subject to a number of conditions, including due diligence, legal documentation and internal approval conditions.

The AWE Board has met to consider the Proposal and has decided to reject it. The Board concluded that it is opportunistic and does not reflect the fair underlying asset value of the company.

AWE has appointed UBS, AG Australia as its financial adviser and Allens as its legal adviser.

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