Mineral Resources Limited (ASX: MIN) has extended the offer period under its off-market takeover bid for all the fully paid ordinary shares in Norwest Energy NL (ASX: NWE).
The Offer is now scheduled to close at 7pm (Sydney time) on Saturday, 29 April 2023.
Norwest shareholders are reminded that the offer – under which Norwest shareholders will receive one MinRes share for every 1300 Norwest units – is unconditional and that MinRes has declared the offer best and final as to consideration, meaning the offer consideration will not be increased.
As at March 30, MinRes’ shareholding in Norwest was 76.05%.
Norwest’s directors have unanimously recommended that Norwest shareholders accept MinRes’ Offer, in the absence of a superior proposal.
As noted in the MinRes’ bidder’s statement dated 16 December 2022, Norwest shareholders may be eligible to elect a rollover for capital gains tax purposes if MinRes acquires 80% of the Norwest shares under the offer.
MinRes proposes to establish a facility whereby Norwest shareholders can, as an alternative to accepting MinRes’ offer, indicate their intention to do so if MinRes acquires a combination of relevant interest (as a result of acceptances of the offer) and indications under the acceptance facility in respect of 80% or more of Norwest shares.
