AWE Ltd. on Feb. 5 recommended that shareholders accept a takeover bid from Japan’s Mitsui & Co. Ltd. after rival suitor Mineral Resources failed to match Mitsui’s offer within a specified time period.

In the absence of a better offer, the Australian gas producer said in a statement that it had entered into a bid implementation deed with Mitsui for its proposed $480 million dollar takeover.

Mitsui intends to acquire all of the shares in AWE for a cash consideration of $0.95 per share and is expected to file a bidder’s statement on Feb 9.