Busy weekend for the lawyers - Takeovermania continues
Congratulations to AVO.a/b Avid & BXL shareholders.....
Viking Energy Royalty Trust ("Viking") and BXL Energy Ltd.
("BXL") jointly announced today that they have executed an
agreement whereby Viking has agreed to acquire all of the
outstanding shares of BXL (the "Shares"). Viking has agreed to
make a friendly take-over bid to the holders of the Shares (the
"Bid") and expects to mail a formal offer to holders as soon as
feasible and in any event no later than May 17, 2001. Under the
Bid, Viking will acquire the Shares at a price of $3.00 per Share
payable on the basis of:
1. 0.333 of one Trust Unit of Viking (a "Unit") for each BXL
Share; or
2. At the election of a BXL shareholder, $3.00 per Share in cash
to a maximum aggregate cash amount of $16,000,000.
In the event all of the BXL Shareholders elect cash, the
consideration payable for each BXL share will be comprised of
approximately $0.60 cash and 0.267 of one Unit.
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Avid news at newswire.ca
CALGARY, April 30 /CNW/ - Husky Energy Inc. ("Husky Energy") and Avid Oil
& Gas Ltd. ("Avid"), both of Calgary, announced today that Husky Oil
Operations Limited ("Husky"), Husky's subsidiary, and Avid have signed a
letter agreement under which Husky will offer to acquire all remaining shares
not currently held by Husky. Husky currently owns approximately 38% of Avid,
as a result of the acquisition of Renaissance Energy in August 2000. This
agreement is subject to due diligence and the execution of a pre-acquisition
agreement.
Waterous & Co. has acted as the financial advisor to Husky Energy in this
transaction. Griffiths McBurney & Partners has acted as the financial advisor
to Avid. Avid has established an independent committee of its directors, which
will retain an independent valuator to prepare a valuation of Avid.
Under the terms of the agreement, Husky has agreed to offer to acquire
all remaining Class A shares (approximately 14.6 million shares fully diluted)
of Avid, at a price of Cdn $5.85 per share and all of the Class B shares
(approximately 843,000 shares) of Avid, at a price of $10.00 per share, for a
total consideration of approximately $93.8 million (Canadian).
The offer represents a premium of approximately 23% over Avid's 30-day
average closing price of the Class A shares prior to announcement.
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More lawyer stuff - EEE Cdn.88 announced that they've wrapped up Hunt's earlier offer to acquire the Waterton & Caroline assets but Cdn. Superior (ex Prize) still has some ongoing legal issues in process......... Greg Noval is pres. of Cdn. Superior and also was pres. of Cdn.88 and also has had lawyer training.
APRIL 30, 2001 - 06:59 EDT
Canadian 88 Energy Corp.: Asset Sale Closes with Hunt Oil
Company of Canada, Inc.
CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta
announced today that it has closed the transaction with Hunt Oil
Company of Canada, Inc. ("Hunt Oil") involving the sale of the
Corporation's assets in the Waterton and Caroline areas of Alberta
for Cdn. $176 million effective January 1, 2001. The transaction
was finalized on April 26, 2001 after the market closed.
The asset sale was originally announced in a Company press release
dated February 27, 2001.
Net proceeds from this sale will be used to reduce the Company's
senior and subordinated debt which currently stands at Cdn. $200
million.
Canadian Superior Energy Inc. has instigated litigation involving
a portion of the Waterton assets in the Hunt Oil transaction. As
of this date this litigation is unresolved.
The Special Committee of the Board of Directors and its advisors,
CIBC World Markets and Credit Suisse First Boston, are continuing
the process of maximizing shareholder value. |
