Armour Energy rejects Westside's takeover bid

Australia’s Armour Energy Ltd. has released its target’s statement in response to WestSide Corp. Ltd.’s conditional takeover offer of $0.0861 (AUD 0.12) per share. The target’s statement recommends that Armour shareholders reject WestSide’s current inadequate offer.

Armour directors advised that the independent expert’s report (IER) has concluded that the offer is not fair and not reasonable, with a valuation for Armour in the range of $0.158 (AUD 0.22) to $0.2657 (AUD 0.37) per share. The IER was prepared by BDO Corporate Finance (Qld) Ltd.

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