WestSide Updates on Takeover Proposal, Australia

WestSide Corporation said that the party from which the company received an indicative, conditional, non-binding and confidential proposal on 19 November 2012, has requested and been granted additional time to conclude due diligence.

WestSide initially agreed not to solicit proposals from other parties for a period of three weeks to allow time for further due diligence and negotiation, the company said in a statement.

The Board has now extended this period by a further 9 days to 21 December 2012 and reiterates advice that shareholders take no action at this time, WestSide said.

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

However, uncertainty remains as to whether any binding proposal which might be acceptable to the WestSide Board will eventuate, the company added.

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LNG World News Staff, December 12, 2012; Image: WestSide