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SENSEN NETWORKS LIMITED — M&A Activity 2012
Jun 14, 2012
65829_rns_2012-06-14_d4e95252-1050-4a7b-8955-2633683e2578.pdf
M&A Activity
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15 June 2012
WHITEHAVEN OFFER FOR COALWORKS UNCONDITIONAL AND TO BE RECOMMENDED BY COALWORKS BOARD
Whitehaven Coal welcomes the announcement by Coalworks today that its Board will recommend that Coalworks shareholders accept Whitehaven’s revised offer for their shares.
Following discussions with the Coalworks Board, Whitehaven agreed to revise its offer of $1.00 per Coalworks share to include an in specie distribution to the Coalworks’ shareholders of shares in Orpheus Energy Limited held by Coalworks.
In addition, Whitehaven Coal announced today that its offer has been declared unconditional and final . This means the offer cannot be increased (in the absence of a competing proposal).
“There are now even more compelling reasons for Coalworks shareholders to accept the Whitehaven offer,” Whitehaven Managing Director Mr Tony Haggarty said.
“The Board of Coalworks will recommend to its shareholders that the revised offer be accepted.”
“The offer price represents a substantial takeover premium and highly attractive value for Coalworks shares, and Coalworks share price is likely to decline substantially in the absence of the offer.”
The payment terms under the offer remain the same. Coalworks shareholders who accept the offer will be paid within 21 days of receipt of acceptance as outlined in the Bidder’s Statement. Shareholders who have already accepted the offer will be paid on or before 6 July 2012.
For further information, please contact:
Tony Haggarty – Managing Director Tel: 02 8248 1257
Kate Kerrison Tel: 0413 946 704
Email: [email protected]