AWE Limited shares jump on new takeover offer

The AWE Limited (ASX: AWE) share price rollercoaster continued on Friday with a 10.5% gain to 73 cents.

This comes hot the heels of a sharp decline on Tuesday after China Energy Reserve and Chemical Group Australia (CERCG) withdrew their 71 cents per share takeover proposal.

The withdrawal came after AWE’s board advised that the proposed takeover bid was not sufficiently attractive to provide access for due diligence.

Well, this morning CERCG came back with a better offer of 73 cents per share.

The AWE board has advised shareholders to take no action in relation to the offer until they receive its formal recommendation.

Time will tell whether this new offer will be enough for CERCG to receive the due diligence it is seeking. But with its shares priced at 73 cents now, it seems as though some investors expect an even better offer is in the works.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.