Mitsui says the offer recognises the value of AWE operations and development projects, including the Waitsia Gas Project in Western Australia, and gives shareholders the following benefits:
- an AWE appointed independent expert has deemed the offer fair and reasonable
- the offer is an all-cash offer
- the offer price represents a significant premium of 74.3 per cent to the closing share price of AWE prior to the receipt of any take over proposals
- the offer also represents an 86.6 per cent premium to the 3 month VWAP of AWE shares.
Mitsui intends to declare the offer unconditional and provide accelerated payment terms to AWE shareholders, if its share acquisition terms are met.