Australian oil and gas producer AWE Limited received an unsolicited, non-binding and conditional proposal from Japan’s Mitsui & Co to acquire 100 percent of the company shares for cash consideration of $0.95 per share. 

AWE noted in its statement on Monday that if the proposal proceeds, it would be implemented by way of an off-market takeover bid.

Mitsui, on the other hand, stated the proposal is not conditional on due diligence, financing, regulatory approval of further internal approval.s

However, the company did note the proposal will proceed if AWE terminates the MinRes scheme of implementation deed by close of business on Friday, February 2.

To remind, on December 21, 2017, AWE recommended a scheme proposal from Mineral Resources (MinRes) under which the latter would acquire all of the AWE shares for a cash and script consideration at a value of $0.83 per share.

In addition, Mitsui is seeking an agreement of a bid implementation deed through which AWE directors unanimously recommend acceptance of a takeover bid to implement the Mitsui proposal, in the absence of a superior proposal.

AWE Board plans to evaluate the proposal and it advises shareholder to take no action in relation to the proposal prior to a board recommendation.