After a week spent publicly bickering with rival billionaire Kerry Stokes, Andrew Forrest has suffered a setback in his battle with billionaire Chris Ellison.
Strike Energy has closed its off-market takeover bid for Warrego finishing with ~30.4% of the total Warrego shares on issue. Strike will proceed to vend all Warrego shares owned or controlled by Strike into the unconditional Hancock Energy cash offer of $0.36 per Warrego share. As a result, Strike will receive $136 million in proceeds.
A surprise move by Chris Ellison’s Mineral Resources to sell its Warrego shares has delivered control of the Perth Basin gas junior to Gina Rinehart’s company.