Friday, March 2

Australia’s WestSide Receives A$165 Million Offer From LNG Ltd.


WestSide Corp. (WCL), an Australian coal-seam gas explorer, said it received a A$165 million ($178 million) takeover offer from Liquefied Natural Gas Ltd., which plans to export the fuel from Queensland state.

The cash offer of 65 Australian cents a share “involved financial backing from reputable international parties,”Brisbane-based WestSide said in a statement today. That’s 91 percent higher than the 34 cents the stock traded at before the proposal was announced Feb. 13, without identifying the bidder. WestSide rose 2.3 percent to close at 45 cents in Sydney today.


Bloomberg

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