Chris Ellison’s Mineral Resources is talking up its takeover bid for Norwest Energy as Gina Rinehart continues to slug it out with Strike Energy in the battle for Warrego.
Billionaire Chris Ellison is pushing the case for Norwest Energy shareholders to accept a takeover offer initially valued at $403 million, but faces an uphill battle to win over his target’s board without raising the stakes.
The MinRes founder and managing director said it was a “no-brainer” for Norwest shareholders to accept the all-scrip offer flagged on December 16. Mr Ellison said on Tuesday that the MinRes offer gave Norwest shareholders “a unique opportunity to join our MinRes family and be part of the next chapter in our significant growth”.He said previous MinRes scrip-based takeover offers had proved a boon for investors, with total shareholder returns of more than 25 per cent a year for more than a decade.MinRes held 19.
MinRes is offering Norwest shareholders, which include Gina Rinehart’s Hancock Prospecting, one MinRes share for every 1367 Norwest shares.
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