AWE rejects unsolicited takeover proposal by Lone Star Fund
SYDNEY, Australia -- AWE Limited said Wednesday that it has received an unsolicited indicative, conditional and non-binding proposal from Lone Star Japan Acquisitions, Ltd, on behalf of a Lone Star Fund, to acquire all of the shares in AWE for a cash consideration of A$0.80 per share.
The proposal was subject to a number of conditions, including due diligence, legal documentation and internal approval conditions.
However, after meeting to consider the proposal, AWE's board decided to reject the offer. The board concluded that the proposal is opportunistic and does not reflect the fair underlying asset value of the company, AWE said in a statement.
