Stanmore Coal shares have jumped nearly 20 per cent in value after Brisbane-based suitor Winfield Energy lobbed an unsolicited bid valuing the company as high as $435.4 million.
Stanmore emerged from a brief trading halt on Wednesday to reveal it had received a cash takeover offer from Winfield at an indicative price of between $1.50 and $1.70 per share.
It said Winfield had started its due diligence but wanted more time to complete process before entering into negotiations for a bid implementation agreement.
Stanmore shares jumped by as much as 19.8 per cent to $1.48 after emerging from the halt before easing to $1.425.
Stanmore said Winfield’s bid fell within the independent expert valuation range published during the unsuccessful takeover tilt by Indonesia-backed Golden Investments in late 2018.
Stanmore rejected November’s $0.95 per share offer but Golden Investments, which owns a majority 25 per cent stake in the company, has since tabled a spill motion requesting the miner’s managing director and chairman be removed.
Winfield’s offer is at a premium of between 20.5 per cent and 36.5 per cent on Stanmore’s last close of $1.245.