WestSide story sends shares soaring

Reported by AAP
Tuesday, February 14, 2012

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Shares in WestSide Corporation soared after the announcement of a $165 million non-binding takeover bid for the coal seam gas producer by an undisclosed party.

WestSide shares were up 17 cents, or 50 per cent, at 51 cents at 1324 AEDT after reaching an earlier high of 54 cents.

On Monday, the Brisbane-based company said it had received an indicative and highly conditional offer of 65 cents a share.

The company advised its shareholders to take no action, saying it could not yet comment on the merits of the bid, and also pledged to assess other strategic options available.

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

22/05/2012 00:45Sydney, Australia. 22 May,2012
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