Beach Energy Limited (ASX:BPT) made an offer to acquire Warrego Energy Limited (ASX:WGO) for approximately AUD 240 million on November 11, 2022. As of November 14, 2022, Beach Energy Limited (ASX:BPT) entered into a scheme implementation deed to acquire Warrego Energy Limited (ASX:WGO). As per terms, Warrego shareholders would receive cash consideration of AUD 0.20 per share.

As of November 30, 2022, Hancock Prospecting Pty Ltd offered to acquire Warrego Energy Limited from a group of shareholders. As per the terms, Hancock Prospecting offered AUD 0.23 for each Warrego Energy share. As of December 1, 2022, Beach Energy submitted a Counterproposal to acquire all the issued shares in Warrego for AUD 0.25 per share in cash, plus any net proceeds received from the sale of WarregoÆs Spanish assets.

As of December 2, 2022, Hancock increased the offer price under its takeover bid to AUD 0.28 for each Warrego Energy share. The Proposed Acquisition would be funded through BeachÆs existing debt facilities and cash reserves. As of November 28, 2022, Warrego Energy board has unanimously recommended that Warrego shareholders vote in favor of the Scheme.

RBC Capital Markets, Australia will act as sole financial advisor to Warrego Energy Limited. Allens will act as legal advisor to Warrego Energy Limited.