PGEI (Petroglyph Energy, Inc.) Message Board

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Gold/Mining/Energy : PGEI (Petroglyph Energy, Inc.)

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To: Robert T. Quasius who wrote (12)	5/10/2000 1:23:00 AM
From: Glenn Petersen	of 14

Interesting: Petroglyph says gets $2.20/shr offer for company HUTCHINSON, Kan., May 4 (Reuters) - Oil and gas exploration and development company Petroglyph Energy Inc. <PGEI.O> said Thursday that its major shareholder, Intermountain Industries Inc. has proposed to buy the the 2.7 million shares of the company it does not already own for $2.20 each. The company said it has formed an independent committee of its board of directors to evaluate the fairness of the offer, consider alternatives and handle all negotiations with Intermountain concerning the proposed purchase of shares. In its letter, Intermountain told Petroglyph that it would advance Petroglyph $1 million in debt financing before the proposed transaction closed and that it has funds available to complete the financing and the transaction, the company said. Intermountain also said that it has no interest in selling its Petroglyph stock. Petroglyph shares closed Wednesday at two and were halted on Nasdaq Thursday morning for news pending. 09:19 05-04-00

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