WestSide deal becomes unconditional

Westside: Takeover one step closer

Landbridge’s takeover offer for WestSide has now become unconditional, according to the Australian junior.

The Chinese player made an unsolicited off-market takeover bid for WestSide, which recently received Chinese State Administration of Foreign Exchange and Chinese Ministry of Commerce approval.

Landbridge plans to take 100% interest in the company and now with the deal become unconditional, this is one step closer.

The price for the takeover bid stands at a cash consideration of A$0.40($0.37) per share.

WestSide directors recently announced they were reviewing the terms of the bid, but have not updated the market as to their decision on the bid.

Late last year a takeover bid fell through with China’s PetroChina when the company cancelled the deal.

WestSide is listed on the Australian Securities Exchange and has significant uncontracted gas reserves and exploration interests in Queensland.

The company operated the Meridian SeamGas coalbed methane fields west of Gladstone.

The fields are positioned near the hub of Queensland liquefied natural gas development on Curtis Island off the coast of Gladstone.

WestSide holds a number of other permits in the Bowen basin and the Galilee basin also in Queensland.

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