With D-day looming for Hancock’s 36c offer for Warrego Energy, it looks no closer to meeting its 40 per cent minimum condition. But rival Strike Energy is also getting deserted by backers.
at Warrego Energy, as smart money bets the situation has gone from the hottest deal in town to stalemate.Street Talk understands Harvest Lane was selling down its 3 per cent-odd position in Warrego in the past week, at 38¢ or higher. Broker sources said it wanted to cut most of its shareholding and rollover only a small slice into Strike.
In the opposite camp, Hancock is in a similar situation. But its situation is perhaps more urgent, with its self-set deadline to corner 40 per cent of Warrego’s register due looming for 7pm on Tuesday, and only 26.07 per cent acceptances in the bag.with its 19.17 per cent Warrego stake hasn’t made any noise on which bidder it wants to support.
Should Hancock wave the white flag tomorrow, Warrego would end up with three strategic shareholders each sitting on about a 20 per cent stake.
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