Australia’s WestSide Corporation said today that it has received a A$165 bid from an unrelated party to acquire all of the shares in the company.
“ The Indicative Proposal states that the price is based on a number of assumptions about WestSide’s business, including its share of gas reserves and gas delivery rates from its existing tenements ,” the company said in a statement.
“ The Board of WestSide is committed to maximising value for shareholders and, in this regard, intends to work co-operatively with the Potential Acquirer to progress the Indicative Proposal, including by offering the Potential Acquirer due diligence access, on a non-exclusive basis and subject to normal protections for the Company, ” WestSide added.
WestSide and Mitsui are working together as joint venture partners in Meridian SeamGas to increase production and expand reserves.
The joint venture provides an opportunity to access international LNG markets through Mitsui’s global networks.
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LNG World News Staff, February 13, 2012; Image: WestSide