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.
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