Armour Energy responded to media reports on the revised takeover bid from WestSide Corporation for all of the ordinary shares in the company.
The company issued a statement confirming that it is in receipt of an indicative and non‐binding offer to improve the consideration payable under the offer from Westside to 20 cents per share.
The board of Armour is in discussion with WestSide and its advisors in respect of the revised offer, the company said.
However, Armour Energy noted that the indicative and non‐binding offer does not at this stage constitute a variation of WestSide’s original offer of 12 cents per share, and there can be no guarantee that the revised indicative non‐binding offer will result in a formal variation to WestSide’s original offer.
The company advised its shareholders to take no action in response to the speculation in the media, pending further updates from the board of Armour Energy.
Image: Armour Energy