Obsidian extends offer for Bonterra, lowers minimum tender condition
by The Canadian Press
Last Updated Dec 21, 2020 at 8:12 am EDT
CALGARY Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid.
The company says it has lowered the minimum tender condition to 50 per cent. It had earlier required two-thirds of Bonterra’s outstanding shares.
The offer has also been extended to Jan. 25 from an earlier deadline of Jan. 4.
Obsidian has offered two of its shares for each Bonterra share.
The Bonterra board has urged shareholders to reject the offer and said that shareholders holding more than 33 per cent of the company’s shares have confirmed that they will not tender to the hostile offer.
Obsidian extends deadline for hostile Bonterra takeover, lowers tender condition
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Obsidian Energy extends offer for Bonterra, lowers minimum tender condition
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Winnipeg Free Press By: Dan Healing, The Canadian Press Posted:
Last Modified: 12:21 PM CST Monday, Dec. 21, 2020
CALGARY - Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition.
The Obsidian Energy Ltd. logo is shown in an undated handout photo. THE CANADIAN PRESS/HO, Obsidian Energy Ltd. MANDATORY CREDIT
CALGARY - Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience, said Stephen Loukas, Obsidian s interim CEO, in a statement.