FIRB approves AWE takeover

The Foreign Investment Review Board (FIRB) has given the green light to China Energy Reserve and Chemical Group’s (CERCG) takeover offer for AWE.

CERCG received FIRB approval on 21 December 2017, subject only to the FIRB’s standard tax conditions.

On 1 December 2017, AWE received a takeover offer from CERCG, hoping to acquire 100 per cent of AWE at a price of $0.71 cash per share.

However, a statement released by AWE’s Board following the offer said that the offer was not sufficiently attractive to provide access to AWE’s books.

With CERCG set to submit an improved offer in the near future, AWE has advised its shareholders to take no action at this time until it delivers its recommendations.

AWE has appointed UBS AG, Australia Branch and Highbury Partnership as financial advisors and Allens as legal advisor.

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