- POSCO International has been granted an extended period of exclusivity as it contemplates its acquisition of Senex Energy (SXY)
- Earlier this month, POSCO further increased it offer, for the third time, to purchase all of Senex shares for $4.60 each
- The South Korean company has now received a further two weeks extension to provide additional time for the receipt of necessary internal and board approvals
- The exclusive period is now scheduled to end on December 10
- On the market today, Senex is down 2.73 per cent and trading at $4.28 per share
POSCO International has been granted an extended period of exclusivity as it contemplates its acquisition of Senex Energy (SXY).
Earlier this month, POSCO further increased it offer, for the third time, to purchase all of Senex shares for $4.60 each, leading Senex to extend the exclusivity period to November 26.
POSCO has now received a further two weeks extension to provide additional time for the receipt of necessary internal and board approvals.
The exclusivity period is now scheduled to end on December 10.
POSCO has completed the due diligence of the purchase and is very positive that a deal to purchase Senex will be set in stone.
However, there is not 100 per cent certainty that the discussions with POSCO will result in any binding agreement or transaction.
POSCO is listed on the Korea Stock Exchange and has a market capitalisation of US$2.2 billion (nearly A$3 billion). It specialises in oil and gas exploration and production, LNG, agri-resources and steel trading.
On the market today, Senex was down 2.73 per cent and is trading at $4.28 per share at 2:04 pm AEDT.