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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.

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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.

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