One of the worst performers on the market on Tuesday was the AWE Limited (ASX: AWE) share price.
The energy company focused on upstream oil and gas exploration and production saw its share price finish the day 10% lower at 63 cents.
Why did its shares crash lower?
This morning AWE announced that it has been advised by China Energy Reserve and Chemical Group Australia that they have formally withdrawn the conditional and nonbinding indicative proposal to acquire the company for 71 cents per share.
Neither AWE or China Energy Reserve and Chemical Group Australia have advised the reason for the withdrawal.
However, AWE's board has previously advised that the proposed takeover bid was not sufficiently attractive to provide access for due diligence.
Judging by the share price reaction today, investors don't appear to expect that China Energy Reserve and Chemical Group Australia will be back with a better offer any time soon.
