Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Think4Yourself who wrote (73174)	9/12/2000 4:09:26 PM
From: Sharp_End_Of_Drill	Read Replies (1) of 95453

For you Bonus fans, from Bloomberg: 09/12 14:27 Bonus Resource to Buy Tetonka for C$164.9 Million (Update1) By Gene Laverty Calgary, Alberta, Sept. 12 (Bloomberg) -- Bonus Resource Services Corp., a Canadian oilfield-services company, agreed to buy oil-well driller Tetonka Drilling Inc. for about C$164.9 million ($111.2 million) in stock. Tetonka holders will swap each of their shares for 1.507 Bonus shares. That values Tetonka at C$5.12 a share, or 23 percent more than Friday's closing price. Both companies are based in Calgary, Alberta. The merged company will be Canada's No. 3 oilfield-services provider and have operations in Australia, said Bonus Chief Executive Tom Alford, who will retain the CEO title. Tetonka's 24 drilling rigs will join Bonus's 220 service rigs. The companies expect to complete the transaction next month, giving Bonus 55 percent of the new company. Two-thirds of Tetonka's holders must first tender their shares. Tetonka Chief Executive John Hokanson will be the new company's executive chairman. Both companies agreed to pay a C$5 million fee if either breaks the purchase agreement. The companies announced the transaction yesterday. Bonus shares were unchanged at C$3.40 in midafternoon Toronto trading, while Tetonka rose 25 Canadian cents to C$5. Tetonka has about 32.2 million shares outstanding. Sharp P.S. I might just have to get some for the ole' portfolio

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