Posco buys out Senex Energy (ASX:SXY)

Korean steelmaker Posco International (PIC) has entered into a binding agreement to acquire Senex Energy (ASX:SXY).

Under the deal, PIC will acquire 100 per cent of Senex shares for $4.60 per share via a scheme of arrangement. In addition to the cash offer price, Senex’s current intention is to pay a dividend of up to $0.05 per share for the half year ending 31 December 2021, subject to review by the Senex board. 

The scheme is expected to complete in late March next year. The Senex board unanimously recommend that shareholders vote in favour of the scheme.

“The offer announced today, which is recommended by the board, reflects an attractive value for Senex and the opportunity for our shareholders to realise a certain cash price for their shares,” said Senex chairman Trevor Bourne.

“Throughout our discussions with PIC, the Senex board has been focused on maximising value for our shareholders.”

Shares in Senex Energy (ASX:SXY) are trading 2.9 per cent higher at $4.58.