Strike Energy has increased its stake in takeover target Warrego Energy to 19.9 per cent through a share swap deal.
The takeover battle for Warrego Energy has taken another twist after Strike Energy, its spurned suitor and partner in the West Erregulla onshore gas field, emerged with a potential blocking stake in any change of ownership.
After settlement of the share swaps, Strike will become Warrego’s largest shareholder and its direct and indirect ownership of the Perth Basin lease that covers the West Erregulla gas field will increase to about 60 per cent. Beach initially won over the Warrego board with a 20¢ a share cash offer lobbed on November 11 that valued Warrego at $246 million.
Strike said the share swaps, thought to involve some shareholders already common to the two companies, would occur by way of off-market transfers expected to happen in the next week.Strike and its shareholders comprised about 32 per cent of the Warrego registry when the takeover fight kicked off. Warrego’s biggest shareholders include Phil King’s Regal Funds Management with a 9 per cent stake.
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