Mineral Resources (ASX:MIN) and Norwest Energy (ASX:NWE) have reached an agreement for MinRes to offer an improved off-market takeover bid for all of Norwest's fully paid ordinary shares.
The improved offer will provide Norwest shareholders with one fully paid ordinary MinRes share for every 1,300 Norwest shares held, which equates to an implied offer price of 7.41 cents per Norwest share, a 65% premium on the undisturbed Norwest share price prior to the announcement of the MinRes takeover offer.
The closing date for the Revised Offer has been extended to 20 February 2023, and the Norwest directors are unanimously recommending that Norwest shareholders accept the improved offer in the absence of a superior offer.
Both companies' share price closed up around 5% today.