https://newsletter.mw.creamermedia.com
Business|Energy|Exploration|Financial
Business|Energy|Exploration|Financial
business|energy|exploration|financial

Strike/Talon deal sinks again

1st August 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Strike Energy has again made and abandoned a bid for fellow-listed Talon Energy.

Talon in July told shareholders it had been approached by Strike with a non-binding and indicative takeover offer, under which Strike proposed the demerger of Talon’s Mongolian assets to its existing shareholder and the acquisition of Talon by way of a scheme of arrangement.

Under the terms of the unsolicited offer, Talon shareholders would have received 0.4586 Strike shares for every Talon share held.

The offer was subsequently withdrawn.

Talon on Tuesday said that at the tail end of July, Talon had received a revised confidential, non-binding indicative offer from Strike, with the company this time offering 0.4828 Strike shares for every Talon share held, with the deal again structured around the demerger of the Mongolian assets.

Additionally, Strike had offered a convertible working capital facility of up to A$6-million to provide additional liquidity for Talon to fund its medium-term potential capital expenditures.

However, Talon told shareholders that the two companies failed to reach an agreement on the final terms of the takeover, despite "extensive negotiations", and while Talon was prepared to continue negotiations with Strike beyond the resumption of the suitor’s share trading on August 1, the revised proposal was also withdrawn.

Strike on Tuesday confirmed the negotiations, saying the revised offer was withdrawn after an agreement could not be reached following the findings of Strike’s financial and technical due diligence and resultant negotiation of the finance facility.

“Strike’s board of directors has now ceased engagement and will continue to operate the Walyering L23/EP447 joint venture in the normal course of business as part of Strike’s leading Perth Basin exploration, appraisal and development program,” the company said in a statement.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Magazine round up | 10 December 2025
Magazine round up | 12 December 2025
12th December 2025

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Kriel Occupational Health Centre
Kriel Occupational Health Centre

Occupational health services, mobile clinics, wellness campaigns, aviation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 10 December 2025
Magazine round up | 12 December 2025
12th December 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.143 7.006s - 144pq - 2rq
Subscribe Now