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Northern Energy resists takeover bid from New Hope

Northern Energy resists takeover bid from New Hope

The board of coal exploration company Northern Energy (ASX:NEC) has advised shareholders to take no action on a fresh $1.85 per share takeover bid from New Hope Corporation (ASX:NHC).

The offer, which is 10 cents higher than the initial takeover bid New Hope made on January 31, is still below the valuation range for Northern Energy set by an independent expert.

In an update to shareholders, Northern Energy said that the offer once more undervalues its assets.

The company added it is in active discussions with possible alternative buyers, but that no binding offer has yet been received.

New Hope has declared its revised bid unconditional, and said it is its best and final offer. It will close on February 25. New Hope currently holds around 5.03% of Northern Energy shares.

NEC shares fell 0.26% on Friday to $1.890, while NHC shares declined 0.42% to $4.740.

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Tags Mergers and acquisitionsminingNew HopeNorthern EnergyASX:NECASX:NHC

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