Bandanna waiting for bids

TIME is running out for possible suitors to submit takeover bids or offers for coal explorer Bandanna Energy’s developing projects.

Bandanna currently holds 16 exploration permits in the Bowen and Galilee basins, which represents the largest thermal coal inventory for any exploration company in Australia.

The company also holds licences to explore for minerals in other parts of the state.

According to a company spokesperson, Bandanna holds 1.48 billion tonnes of coal resources in the basins, but despite this, does not have the capital to fund many of the projects.

Bandanna is calling for nonbinding indicative bids by the close of business on May 4, and according to the company, invitations have been sent to a number of interested parties in what is reported to be a confidential process.

From there, the company will draw a shortlist of potential buyers for possible binding offers. The goal is to select a deal or combination of transactions that will best deliver value to shareholders, a spokesperson said.

The company recently reported it had not yet selected which companies will be in the shortlist for further negotiations as the date for submission of nonbinding indicative bids has not yet been released.

Several large international coal companies from Asia are expected to be interested parties.

On the local front New Hope emerges as a possible candidate after the $2.4 billion sale of its new Saraji project in 2008.

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