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 – under which Norwest shareholders will receive one MinRes share for every 1300 Norwest units – is now scheduled to close on March 30 (unless withdrawn or further extended).
Norwest shareholders are reminded that the offer is unconditional and that MinRes has declared the offer best and final as to consideration, meaning the offer consideration will not be increased.
Norwest’s directors have unanimously recommended that Norwest shareholders accept MinRes’ offer, in the absence of a superior proposal.
Norwest shareholders will receive their MinRes shares within seven business days of acceptance of the offer.
As at March 16, MinRes had a stake of 72.84% in Norwest and control of the target’s board following the appointment of its chief financial officer Mark Wilson and general manager sales and marketing Yenna Ong as non-executive directors. The MinRes appointees replaced former Norwest managing director Iain Smith and non-executive Director Bruce Clement. Ernie Myers remains Norwest’s non-executive chairman.