WestSide consistently recommended to its shareholders that they take no action on the bids put forward by Landbridge, determining that the last 40c per share offer significantly undervalued the company and its assets.

As recently as yesterday, it looked as though the situation was heading for a stalemate, with WestSide’s second largest shareholder, New Hope reportedly refusing to sell its 17.7% stake to the group.

It seems however, that New Hope has decided the price is right and has sold a portion of its holding to Landbridge, with the remainder of its shares to be offered up in the coming days.

As a result, Landbridge now has a 31.04% stake in its target, and is likely to soon have a significant influence over the company.

“Landbridge’s likely effective control of WestSide means that it will be in a position to substantially control the composition of the WestSide board and senior management, and control the strategic direction of WestSide including the method and source of funding for the development of WestSide’s assets,” the company said in a statement.

If Landbridge acquires a majority, but not all of the WestSide shares, the number of

WestSide shares traded on the Australian Securities Exchange in the future could be significantly reduced, thereby potentially lessening the value of the shareholdings of those WestSide shareholders who do not accept the offer.

“WestSide Shares could become illiquid and infrequently traded and, as such, the ASX market price may no longer be a reliable indicator of value.

“Having regard to all of these matters, WestSide’s directors have accordingly, and reluctantly, unanimously determined to recommend to remaining shareholders that they accept Landbridge’s Offer, subject to no higher offer being received.

“The directors intend to follow that recommendation in respect of the WestSide shares held by them or entities controlled by them.”