AWE rejects oil and gas suitor Senex

SENEX Energy has withdrawn its $752 million takeover offer for fellow Australian oil and gas producer AWE.

Senex made a non-binding takeover proposal last Wednesday, which AWE rejected on Sunday.

A successful takeover would have merged Senex's onshore oil and gas assets in central Australia's Cooper Basin and coal seam gas assets in Queensland with AWE's mostly offshore assets in Australia, New Zealand and Indonesia.

AWE said the offer was not in the best interests of its shareholders, who would have received only 47 per cent of the merged group's equity.

It significantly undervalued AWE shares without an appropriate premium for control, it said in a statement.

AWE said it would contribute a far greater share to the deal including: 70 per cent of proven reserves, 90 per cent of production and 67 per cent of sales revenue and earnings.

Senex's offer implied a price for AWE shares of $1.44.

AWE shares came out of a trading halt on Monday and had climbed 10 cents to $1.285 at 1500 AEDT while Senex shares had slumped 6.3 cents to 70.75 cents.

However AWE's shares are valued by analysts at above $2, with the company's strong balance sheet an attraction for Senex to offset its higher cost onshore shale and coal seam assets.

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