Chris Ellison’s Wednesday night declaration that Mineral Resources does not intend to bid for Warrego Energy has left investors with more questions than answers.
Chris Ellison’s Wednesday night declaration that Mineral Resources does not intend to bid for Warrego Energy leaves it an envious spot, even if it has left investors with more questions than answers for now.The most immediate one is MinRes’s claim that gas asset prices in Perth Basin are now over-inflated, just three days after it bought Warrego shares at as high as 39.2¢ a pop to round off its 19.17 per cent stake.
There’s MinRes with 19.17 per cent and “no intention to make a takeover bid”, West Erregulla joint venture partner Strike Energy with 20.57 per cent and an unconditional one-for-one scrip bid, and Gina Rinehart’s Hancock Energy offering 36¢ a share if it can get to 40 per cent of the Warrego’s shareholders .Two months ago, Seven Group-backed Beach Energy was also involved with a 25¢ a share cash offer.
It’s hard to see how either wins Warrego without two of the three parties coming together. There are three combinations possible: Hancock-MinRes, Strike-MinRes and Hancock-Strike.
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