AWE Limited (ASX: AWE) the Australian energy company focused on upstream oil and gas opportunities has rejected a cash takeover offer of 80c per share from private equity firm, Lone Star Japan Acquisitions on behalf of a Lone Star Fund.

The AWE Board rejected the offer on the grounds of being opportunistic and not reflecting the fair value of the company.
 

AWE recorded a net loss of $274 million for the half year ended 31 Dec 2015.