In morning trade the AWE Limited (ASX: AWE) share price is on the move again following the receipt of another takeover offer.
At the time of writing the energy company's shares are 13% higher to 82.5 cents.
What's the offer?
On Friday China Energy Reserve and Chemical Group Australia (CERCG) tabled a revised offer of 73 cents per share having being previously told that a 71 cents per share offer was not enough to be granted due diligence.
This morning investors appear to believe that a bidding war may have just commenced after miner and mining services company Mineral Resources Limited (ASX: MIN) came to the table with the offer of a scrip acquisition at $0.80 per share.
The offer has been structured as one new Mineral Resources share for each 22.325 AWE shares held. Mineral Resources has stated that its proposal is not conditional on due diligence.
Once again, AWE has advised shareholders to take no action in relation to either of the proposals until the board has had chance to evaluate them.
What now?
With its shares now priced above both takeover offers, it appears as though investors are expecting CERCG to come back with a better offer.
I'm not expecting this to be the case, so I would consider locking in today's gain if I were a shareholder.
