Mineral Resources, News, Norwest, Takeover bids

MinRes acquires majority of Norwest

Mineral Resources (MinRes) has acquired all the issued fully paid ordinary shares of Norwest Energy that it did not previously own, acquiring an interest in over 80 per cent of Norwest shares.

MinRes and Norwest have been engaged in takeover talks since December 2022 when MinRes made an unsolicited takeover offer of $403 million.

While this offer was knocked back, a revised offer of $497 million won over the Norwest board in January 2023.

On April 6, MinRes announced that its offer was accepted by Norwest, and an acceptance facility was established.

Almost two weeks later, MinRes has now acquired over 80 per cent of Norwest shares and it has confirmed a letter has been delivered to the facility agent confirming the rollover condition has been satisfied and the acceptance facility has now closed.

The company also said if any Norwest shareholders wish to participate in the acceptance facility, it will now be processed as acceptances under the new offer.

MinRes said that Norwest shareholders who accept MinRes’ offer could be eligible to choose scrip for scrip capital gains tax (CGT) rollover relief in respect of the disposal of Norwest shares, meaning any CGT payable on the disposal of their Norwest shares is deferred.

“Norwest shareholders are urged to seek their own independent tax advice regarding the effect of choosing scrip for scrip CGT rollover relief to their individual circumstances,” MinRes said.

MinRes also said that Norwest shareholders who have not accepted the offer are urged to accept it without delay.

The offer is open until April 29, with MinRes announcing the offer consideration is best and final and will not be increased.

Send this to a friend