WestSide Corporation Limited [WCL] - Notification of Approach
WestSide Corporation Limited (ASX: WCL) ("WestSide") advises that it has received an indicative, conditional, non-binding and confidential proposal from an unrelated party (“Potential Acquirer’) to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share ("Indicative Proposal").
The Indicative Proposal states that the price is based on a number of assumptions about WestSide’s business, including its share of gas reserves and gas delivery rates from its existing tenements.
The Indicative Proposal is highly conditional and subject to, amongst other things, the completion of due diligence and the receipt of various approvals (including third party approvals).
The Board of WestSide has not formed a view, at this stage, as to the merits of the Indicative Proposal and there is no guarantee that any formal, binding proposal will be received. Accordingly, shareholders should take no action at this time.
The Board of WestSide is committed to maximising value for shareholders and, in this regard, intends to work co-operatively with the Potential Acquirer to progress the Indicative Proposal, including by offering the Potential Acquirer due diligence access, on a non-exclusive basis and subject to normal protections for the Company.
The Board intends to continue to assess the Indicative Proposal alongside other strategic options available to the Company.
WestSide has retained Moelis & Company as financial adviser and Allens Arthur Robinson as legal adviser and will make further announcements in due course.
WestSide Corporation Limited (ASX: WCL) ("WestSide") advises that it has received an indicative, conditional, non-binding and confidential proposal from an unrelated party (“Potential Acquirer’) to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share ("Indicative Proposal").
The Indicative Proposal states that the price is based on a number of assumptions about WestSide’s business, including its share of gas reserves and gas delivery rates from its existing tenements.
The Indicative Proposal is highly conditional and subject to, amongst other things, the completion of due diligence and the receipt of various approvals (including third party approvals).
The Board of WestSide has not formed a view, at this stage, as to the merits of the Indicative Proposal and there is no guarantee that any formal, binding proposal will be received. Accordingly, shareholders should take no action at this time.
The Board of WestSide is committed to maximising value for shareholders and, in this regard, intends to work co-operatively with the Potential Acquirer to progress the Indicative Proposal, including by offering the Potential Acquirer due diligence access, on a non-exclusive basis and subject to normal protections for the Company.
The Board intends to continue to assess the Indicative Proposal alongside other strategic options available to the Company.
WestSide has retained Moelis & Company as financial adviser and Allens Arthur Robinson as legal adviser and will make further announcements in due course.
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