bonterra energy takeover

Obsidian has offered two of its shares for each share of Bonterra. "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 … It had earlier required two-thirds of Bonterra’s outstanding shares. Bonterra urges shareholders to ignore extended hostile takeover bid by Obsidian December 22, 2020 5:10 PM The Canadian Press 0 Comments CALGARY – Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. In its statement, Obsidian cited Cenovus Energy Inc.'s friendly takeover of Husky Energy Inc. and transactions announced by Whitecap Resources Inc., Tamarack Valley Energy Ltd. and Tourmaline Oil Corp. as examples of an industry consolidation trend that it wants to follow. The offer has also been extended to Jan. […] It said a combined Obsidian-Bonterra entity could save $50 million in the first year and a total of $100 million in the first three years. The Calgary-based oil and gas producer says 91.4% of the shares represented at a special meeting on Monday were voted in favour of the deal announced in August, but strongly resisted since by the takeover … CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. Comments are welcome while open. Audience Relations, CBC P.O. Bonterra, however, says those cost savings are “uncertain,'' adding Obsidian has not achieved lender consent for the deal and would bring higher oilfield retirement obligations to a merged company. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. Shareholder advisory firm Glass Lewis recommended Obsidian investors support management in pursuing Bonterra because it would create a company with a stronger balance sheet and the ability to grow through acquisitions. CALGARY - Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a “take-under” than takeover bid because it’s … It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on its strategy of long-term, sustainable growth and value creation for shareholders. Bonterra shares were at $1.74 in early afternoon trading Monday on the Toronto Stock Exchange, while Obsidian shares were at 83 cents. Sign up for the February 17, 2021 course. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Together, we can make a stronger entity that can make meaningful improvements to cash flow and inroads to lower debt levels, which we believe has a clear path to a higher share price.". Bonterra adds that Obsidian's announced reduction of the minimum number of tendered shares needed to complete the transaction to 50 per cent from two-thirds acknowledges a lack of shareholder support. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Image: Bonterra. Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Please see our CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. 'S outstanding shares has unanimously rejected a takeover offer for Bonterra Energy Corp. on Monday and lowered its tender. Unanimously rejected a takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition has unanimously a. Bonterra Energy Corp. on Monday and lowered its minimum tender condition industrial worksites s outstanding,... Improve our services, we ’ d love to hear from you and lowered its tender. 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