Strike finds its own way to Warrego shareholding

PERTH – While suitors Beach Energy and Hancock Energy have been in a bidding war over ASX-listed Warrego Energy, fellow listed Strike Energy has silently amassed a near 19.9% shareholding in the takeover target.

Strike’s offer was usurped by Beach Energy, which offered Warrego Energy 20c a share in cash for their interest in the takeover target, and the distribution of any net proceeds received from the sale of Warrego’s Spanish assets, by way of a member’s scheme of arrangement. Beach Energy and Warrego Energy subsequently signed a scheme implementation deal.

While Warrego Energy was holding its breath for an increased offer from Beach, Strike has secured a near 19.9% shareholding in the takeover target by entering into a share swap agreement with various Warrego shareholders, at a one-for-one exchange ratio.

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