(MENAFN- ProactiveInvestors - Australia) WestSide Corporation (ASX: WCL) has received an indicative takeover proposal and has placed its shares in pre open pending an announcement with more details.
This is expected by close of business today.
While WestSide did not name its potential buyer, Liquefied Natural Gas Limited (ASX: LNG) has been carrying out due diligence investigations since issuing an indicative proposal to acquire all of WestSide's shares for A$0.65 each.
Other parties have also been invited by WestSide's advisors Moelis & Company to consider potential change of control transactions involving WestSide.
Some of these have been invited to undertake due diligence, which includes access to the data room, technical reviews and discussions with WestSide's management.
It had added last month that it was seeking firm proposals before its Annual General Meeting on 22 November.
WestSide had in the September 2012 quarter produced 504.4 terajoules of gas and generated A$2 million in revenue.
The halt will last until the earlier of the announcement being made or Thursday, 22 November.
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