ACQUISITION / Dominion Energy extends bid for Archer Resources
RICHMOND, Va., April 9 /CNW/ -- Dominion Energy Inc. today
announced that all conditions to its offer to acquire Archer Resources Ltd.
have been satisfied or waived and that it is extending the offer, which will
now remain open until 6:00 p.m. (MDT) on Tuesday, April 21, 1998. Details of
the extension are contained in a Notice of Extension being mailed by Dominion
Energy to all Archer shareholders.
Dominion Energy has taken up and is paying for the 20,115,249 Archer
shares that were tendered to the offer. These Archer shares constitute
approximately 89.65 percent of the outstanding Archer shares on a diluted
basis. The cash offer of C$7.60 per share was mailed to Archer shareholders
on March 18, 1998. Through the offer and subsequent steps, Dominion Energy
intends to acquire 100 percent of Archer's shares.
Dominion Energy, the natural gas and independent power subsidiary of
Dominion Resources Inc. (NYSE: D), announced its plans to purchase Archer
Resources, a publicly-traded natural gas exploration and production company
based in Calgary, on March 11, 1998.
Dominion Energy's offer is being made through Dominion Acquisition Inc., a
wholly owned subsidiary.
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