Mitsui has sung
Mitsui & Co (Mitsui) has declared its takeover offer for AWE (ASX:AWE) to be free of all conditions. With Mitsui declaring its offer unconditional, AWE shareholders who have accepted the offer will now receive the consideration. In FAT-AUS-867, we recommended participating Members who hold AWE, accept the offer. The following figure shows the location of the company’s assets:
Source: AWE (ASX:AWE)
On 4 April 2018, Mitsui advised the market that its offer for AWE was free of all conditions, as acceptances had reached the 50% level of the issued capital in its target. At the time of writing, Mitsui had declared a 94% interest in the share capital of AWE.
In declaring the offer unconditional, Mitsui will under the terms of its offer, and on receipt of a valid acceptance, pay the A95 cent per share consideration within seven (7) business days.
Participating Members who have lodged valid acceptances prior to 4 April 2018 will, within seven (7) business days of that date, receive the A95 cent per share consideration.
Mitsui has extended the offer period for AWE shareholders to accept its offer, to a close date of 2 May 2018.
We reiterate our recommendation that Members who hold AWE in their portfolio should immediately accept the Mitsui offer.
With Mitsui now obligated to pay the A95 cents on receiving a valid acceptance from AWE (ASX:AWE) shareholders, Fat Prophets coverage of AWE (ASX:AWE) will cease immediately.