WEF ) and its subsidiary WEF Osum Acquisition Corp. (the
Offeror ) are pleased to announce that each of the conditions to the offer dated November 4, 2020, as amended, to acquire up to 57,000,000 common shares (
Osum Shares ) of Osum Oil Sands Corp. (
Osum ) at a price of $3.00 per share (the
Offer ) have been satisfied, including the condition prescribed by applicable securities laws that more than 50% of the Osum Shares not owned by WEF be tendered to the Offer.
A total of 45,747,068 Osum Shares were deposited and not withdrawn at the initial expiry time under the Offer, representing approximately 34% of the issued and outstanding Osum Shares.
Private equity firm Waterous Energy Fund succeeded in its bid to take controlling interest in Osum Oil Sands on Wednesday, days after the Canadian oil producer's board ended its opposition to the deal.
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Osum Oil Sands said on Tuesday its board had withdrawn its recommendation that shareholders reject the all-cash offer by private equity firm Waterous Energy Fund for a bigger stake in the Canadian energy company
Oil change: How the collapse in crude demand during the pandemic could be a blessing for Canadian producers theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.