Australia’s Senex Energy surges on $601m takeover bid from POSCO International
09:10, 18 October 2021
Shares of Australian oil and gas company Senex Energy surged nearly 15% on Monday after the company said it received a AUD814.8m ($601.7m) takeover offer from South Korea’s POSCO International.
POSCO International, in its latest bid, offered to acquire 100% of Senex Energy for a cash consideration of AUD4.4 per share, a 15% premium to its Friday close of AUD3.82.
However, Senex Energy said it has provided POSCO International with additional time to revert back with an improved offer.
Three bids already made
POSCO International has been granted an exclusivity period until 5 November by Senex Energy.
The South Korean company has already submitted three takeover bids for Senex Energy between late-July to early-September, with an initial offer of AUD4 per share followed by a second AUD4.2 per share offer.
“The Senex Board believes it is in the best interests of its shareholders to continue to engage with POSCO International and will assess any proposal received on its merits,” Senex Energy said in a press release.
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