WestSide fields takeover bid

WestSide Corporation has received a non-binding takeover bid that values the coal seam gas producer at $165 million.

WestSide on Monday said the offer of 65 cents a share was indicative and highly conditional.

The company said it intended to work co-operatively with the potential acquirer to progress the proposal but it was too early to comment on the merits of the bid.

WestSide also said it would assess other strategic options available.

"The board of WestSide has not formed a view, at this stage, as to the merits of the indicative proposal and there is no guarantee that any formal, binding proposal will be received," the target said in a statement.

"Accordingly, shareholders should take no action at this time."

WestSide holds a 51 per cent interest in the Meridian gas fields near Gladstone, Queensland, with Japan's Mitsui holding the remaining stake.

Shares in WestSide were untraded at 34 cents after emerging from a trading halt entered into on Monday morning.

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