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ILN understands at least two companies are considering bids for Bowen, which earlier this week launched a tilt for Rocklands of one Bowen share and 10c for every two Rocklands shares held.
Bowen Energy managing director Kevin Nichol said he was aware of the speculation but was unable to comment further.
A likely candidate would be Rocklands itself, which with a market capitalisation of $15.4 million is worth almost double Bowen. Bowen's market cap is around $8.4 million.
Swiss trading giant Glencore is also understood to be interested in an equity stake in or off-take agreement with Bowen.
Rocklands' Andrew Metcalfe and could not be reached for comment this morning.
Rocklands shares were steady at 19.5c today, while Bowen had put on 2.5c to 32 just before midday.
