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.
