Bloomberg reported that WestSide Corp a coal seam gas explorer seeking to supply projects in Australia Queensland state received a AUD 165 million takeover bid from a company that it didn’t identify.

The Brisbane based company said in a statement WestSide received a cash offer of 65 Australian cents a share. That’s 91% more than WestSide closing price of 34 cents on February 10 before its shares were halted.

Chairman Mr Angus Karoll said declining to identify the bidder that “We do recognize it is a significant premium. We’ll act in the best interests of all shareholders and work proactively with the company that made the bid to get the best outcome.”

The gas explorer operates fields in Queensland about 160 kilometers west of Gladstone where energy producers BG Group Plc ConocoPhillips and Santos Ltd are building more than USD 50 billion of liquefied natural gas projects to export the fuel to Asia.

Arrow Energy Ltd planning a fourth LNG venture in the state and bought gas supplier Bow Energy Ltd. at a 72% premium.

According to the company’s statement WestSide hired Moelis & Co as a financial adviser.

WestSide said the board is evaluating the “highly conditional” bid, along with other options. The statement said “The board of WestSide has not formed a view at this stage as to the merits of the indicative proposal, and there is no guarantee that any formal, binding proposal will be received.”

(Sourced from Bloomberg)