Australia: WestSide Gets Takeover Proposal, LNG Limited Out of Bidding

WestSide Receives Takeover Proposal

WestSide Corporation said it has received an indicative, conditional, nonbinding and confidential proposal from a party which has conducted extensive due diligence on the company.

This proposal involves the acquisition of 100 per cent of the shares in WestSide for cash consideration of 52 cents a share.

WestSide said is facilitating access to final due diligence information which the party submitting the proposal has requested.

The Board has agreed with the party which has submitted the proposal that WestSide will not solicit proposals from other parties for a three week period to allow time for further due diligence and negotiation.

WestSide announced on 13 February that the company had received an indicative, conditional, non-binding and confidential proposal from a potential acquirer, later identified as Liquefied Natural Gas Limited.

Following receipt of LNG’s indicative proposal, WestSide provided due diligence access to LNG and its associated parties, and other parties which were approached by WestSide’s advisors (Moelis & Company).

In a related press release LNG Limited said that it has not directly submitted a takeover offer to WestSide and has no intention to do so.

LNG World News Staff, November 21, 2012; Image: Westside