AWE Limited said it has rejected a taekover bid by Lone Star Japan Acquisitions.
The company said it had received an unsolicited indicative, conditional and non-binding proposal on behalf of a Lone Star Fund, to acquire all of the shares in AWE for a cash consideration of A$0.80 a share.
The move had been subject to a number of conditions, including due diligence, legal documentation and internal approval conditions.
A spokesman said the AWE board had met to consider the proposal and decided to reject it.
He said the board had decided it would be “opportunistic” and would 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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