PUBLISHED: 0 hour 27 MINUTE AGO | UPDATE: 0 hour 0 MINUTE AGO
Edited by Sarah Thompson, Anthony Macdonald and Gretchen Friemann
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In a last-minute twist, WestSide Corporation is on track to be snapped up by China’s Landbridge Group when its takeover offer closes on Tuesday.
WestSide’s 17.7 per cent shareholder New Hope Corporation – which was said to be mulling a counterbid – on Thursday started selling its shares to Landbridge. About 30 million shares have been crossed. Landbridge put forward a 40¢-a-share takeover in April. The hostile bid was declared unconditional last month and will close on Tuesday.
New Hope has been the kingmaker and, up until now, had refused to sell to the Chinese.
Hedge funds – which hold between 6 per cent and 7 per cent of the stock – have been sniffing around the situation, hopeful New Hope could mop up the gas junior with loose change from its $1.1 billion cash war chest.
WCL Price at posting:
39.5¢ Sentiment: Sell Disclosure: Held
