Takeover target WestSide’s gas price to triple

摘要

Sydney—Eastern Australian coalseam gas producer WestSide has confirmed it will be paid three times the price it currently receives for gas when it starts sales to LNG producer Santos in 2017. WestSide is currently the subject of a A$0.40/share cash takeover offer from Chinese port owner Landbridge Group, which has been unanimously rejected by the company’s directors. Landbridge’s offer values WestSide at A$177 million ($166 million) but is below its Friday closing price of A$0.41/share.