Norwest Energy (ASX:NWE) has prepared a Target's Statement in relation to the off-market takeover bid by Mineral Resources (ASX:MIN) to purchase all of the ordinary fully paid shares it does not already own in Norwest.
Norwest says its Directors unanimously recommend shareholders reject the unsolicted offer, saying it doesn't appropriately value its Perth Basin assets and has been opportunistically timed prior to the full extent of the Lockyer discovery becoming known.
It also says by accepting the Offer and becoming a MinRes shareholder, Norwest shareholders reduce their exposure to the risks associated with MinRes' other businesses and commodities.
Both parties' share price closed slightly down today.