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Beach Energy refers to its previous announcements in relation to its proposal and counterproposal to acquire all the issued shares in Warrego Energy by way of a scheme of arrangement. Beach does not intend to match the revised Hancock Takeover Offer.
Warrego has assessed the revised Hancock Takeover Offer and has determined that it is a Superior Proposal compared to the revised scheme proposal from Beach Energy announced by Warrego on 2 December 2022. Warrego has now issued a notice to Beach which gives Beach 5 business days to match the revised Hancock Takeover Offer.
Warrego Energy has received an off-market takeover offer from Hancock Energy to acquire all of the fully paid ordinary shares in Warrego, which has been determined as a Superior Proposal compared to the scheme proposal from Beach Energy announced by Warrego on 14 November 2022.
Further to its announcement dated 14 November 2022, Warrego Energy has unanimously recommended that Warrego shareholders vote in favour of the Scheme Implementation Deed with Beach Energy.
Warrego Energy has entered into a Scheme Implementation Deed ('SID') with Beach Energy under which Beach has agreed to acquire all the issued shares in Warrego by way of a scheme of arrangement.