• Hancock Energy announced that shareholders have approved its revised offer.
• The oil and gas explorer has been the subject of intense M&A negotiations.
• Mineral Resources Ltd recently announced that it will not launch a takeover approach.

Hancock Energy, owned by Gina Rinehart, announced on Monday that the minimum needed 40% of Warrego shareholders have approved its revised A$0.36 per share offer for Australia’s Warrego Energy, which valued the oil and gas explorer at A$440 million ($304 million).

As a result, regardless of when they accepted the offer, all Warrego shareholders who accepted Hancock’s offer will now receive A$0.36 cash per share, stated Hancock.

Warrego, which controls the West Erregulla gas reserves in Western Australia’s North Perth Basin, has been the subject of intense M&A negotiations and has drawn offers from companies like Beach Energy, Strike Energy, and Hancock Energy.

Hancock claimed that with more than 50% of the company’s shares in its possession, it is currently Warrego’s controlling shareholder.

Hancock began the year by increasing its offer to A$0.36 per Warrego share from A$0.28 per share and adding a stipulation that the new proposal would only be accepted if it received 40% support from Warrego shareholders.

Due to the excessive inflation of gas asset prices in the Perth Basin, Mineral Resources Ltd, which owns a 19.17% share in Warrego, recently announced that it will not launch a takeover approach for the company.

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