Australia's Senex Kills $673M Bid After AWE Snubs Offer

Law360, New York (December 16, 2013, 5:11 PM EST) -- Australia-based oil and gas company Senex Energy Ltd. has nixed its roughly AU$751 million ($673 million) bid to merge with competitor AWE Ltd. after AWE snubbed the offer, saying it undervalued the company, the companies announced in separate statements Monday.

Under the terms of the spurned offer, AWE investors would have received 1.9 Senex shares for each AWE share, with the resulting group held 53 percent by Senex and 47 percent by AWE, according to a statement. Based on AWE’s closing price Dec. 12, the evening...
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