South Korean trader POSCO International Corp made an A$814.8 million ($605.56 million) takeover bid for Senex Energy Ltd in September, the Australian natural gas producer said on Monday.
Senex said it was giving POSCO exclusive due diligence access until Nov. 5 to better its already twice-improved bid of A$4.40 per share, with the South Korean firm indicating it would likely push the deal through an off-market takeover if it goes ahead., could not be immediately reached for comment.
Senex said POSCO International initially made its approach on July 30 with an A$4-per-share bid, followed up around a month later by an A$4.20-a-share bid.The latest bid is a 15.2% premium to Senex's close on Friday and a near 38% premium to its close on Sept.1.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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