Corrs advises Hancock Energy on Warrego takeover bid
Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised Hancock Energy (PB) Pty Ltd (Hancock) on its competitive off-market takeover bid and subsequent compulsory acquisition of Warrego Energy Limited (Warrego) (ASX:WGO).
Warrego is focused on the development of an onshore gas project in the Perth Basin of Western Australia with foundational gas supply agreements in place at its 50% owned West Erregulla Gas Project to supply Alcoa and Wesfarmers.
Hancock made its initial off-market takeover bid in November 2022 at A$0.23 per share. The bid for Warrego was hotly contested, with a rival scrip offer by Strike Energy eventually being defeated by Hancock’s offer. The final bid of A$0.36 per share valued Warrego at A$440 million. Warrego was delisted on 9 March 2023.
Led by partners Sandy Mak and Robert Franklyn, Corrs advised Hancock on all aspects of the takeover.
Commenting on the matter, Corrs’ head of corporate Sandy Mak said: “We are delighted to have assisted Hancock in securing control of Warrego on this highly contested transaction. Hancock has been a pleasure to work with.”