WestSide Corporation announced that due diligence investigations are continuing in connection with a potential change of control transaction involving WestSide.
On 13 February 2012, WestSide announced that a potential acquirer, later identified as Liquefied Natural Gas Limited, had been granted due diligence access on a non-exclusive basis to progress its indicative acquisition proposal.
WestSide has had discussions with LNG and its associated parties, and other parties which were invited by WestSide’s advisors (Moelis & Company) to consider potential change of control transactions involving WestSide. Some of these parties were also invited to undertake due diligence investigations, which have included access to an electronic data-room, technical reviews and discussions with the WestSide management team, the company said in a statement.
Executive Chairman Mr Angus Karoll said today: “Discussions with interested parties and the due diligence process have developed into a lengthier process than the Board initially envisaged. However, the Board had decided to explore all potential transactions with a view to maximising shareholder value and been reluctant to set deadlines which might have hindered the Board’s ability to fully explore any potential options. We are now seeking firm proposals prior to the Company’s AGM on 22 November 2012.”
WestSide advises that uncertainty remains as to whether any binding proposal will materialise, the company added.
[mappress] LNG World News Staff, October 15, 2012