December 8, 2017 / 5:21 AM / a year ago

Australia's AWE gets revised takeover offer from China firm, shares jump

Dec 8 (Reuters) - Australian oil and gas producer AWE Ltd said on Friday it has received a revised A$463 million ($347.94 million) takeover offer on a fully diluted basis from state-owned China Energy Reserve and Chemicals Group (CERCG).

The CERCG offer of A$0.73 per share is at a 10.6 percent premium to AWE’s closing level on Thursday. The company’s stock rose as much as 12 percent after the announcement to surpass the CERCG offer price.

Shares of the company saw a steep decline on Tuesday after CERCG said it was withdrawing its A$0.71 per AWE share offer, made on Nov. 30, which AWE said was too low.

AWE has rebuffed two other takeover moves in the past three years, including a A$421 million approach from U.S. private equity firm Lone Star last year. ($1 = 1.3307 Australian dollars) (Reporting By Rushil Dutta in Bengaluru; Editing by Muralikumar Anantharaman)

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