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AWE recommends Mitsui's A$594M cash takeover offer

AWE Ltd. said Feb. 5 that it unanimously recommended a previously announced A$594 million off-market takeover bid by Mitsui & Co. Ltd., following Mineral Resources Ltd.'s failure to match the competing bid.

The company's board determined that the Mitsui bid, which valued the company at 95 cents per share, was superior to the all-share bid of 80 cents each by Mineral Resources, structured as 1 new Mineral Resources share for every 22.325 AWE shares.

AWE appointed Grant Thornton to provide an independent expert's report to evaluate if the Mitsui takeover bid is fair and reasonable to its shareholders. Once finalized, the report will accompany its target statement in response to the proposed takeover.

Mitsui is expected to lodge its bidder's statement with the ASX and the Australian Securities and Investments Commission on Feb. 9, while AWE will submit its target statement with the independent expert's report on or around Feb. 27.