Mitsui's pitch to AWE shareholders was bolstered by an RBC report that cast doubt over whether the target would need to cough up $5 million to MinRes if it ended talks. "While there is a break fee of $5.2 million potentially payable by AWE to MinRes, our reading of the scheme deed suggests this may not be payable in the event of a superior proposal and, in any case, it is minor in the context of the quantum of the bid," analyst Ben Wilson wrote. Mitsui has an existing relationship with AWE in the form of a joint venture at the Casino Gas project in Victoria. "Mitsui believes the proposal, which values AWE's fully diluted issued share capital at $602 million, represents a compelling opportunity for AWE shareholders to realise a significant premium for their AWE shares in cash," the Japanese giant said. "The proposal is not subject to a due diligence condition and Mitsui has Foreign Investment Review Board approval for the proposal.