Hancock becomes third bidder for Warrego
Australian billionaire Gina Rinehart’s Hancock Energy has become the third bidder for ASX-listed Warrego Energy, offering A$0.23 ($0.15)/share in cash for Warrego shares, according to a bidder’s statement lodged by Hancock with the securities regulator on November 30.
The Hancock offer is higher than Beach Energy’s proposed A$0.20/share bid and Strike Energy’s A$0.186/share proposal. Beach has already entered into a scheme implementation deed to acquire all the issued shares in Warrego, valuing the company at A$246mn. Strike and Warrego are partners in EP469 in the Perth basin. Strike is also Warrego’s largest independent shareholder.
The Hancock offer is not subject to any minimum acceptance condition and is subject to only pre-emptive rights conditions.
Hancock has exposure to the Australian gas sector via a minority stake in Senex Energy, which is majority-owned by Korea’s Posco International.