Strat Petroleum, Ltd.'s Responds to Takeover Offer
Thursday October 28, 4:17 pm ET
TORONTO--(BUSINESS WIRE)--Oct. 28, 2004--H. Sam Hyams, President and Chief Executive Officer of Strat Petroleum, Ltd. (Pink Sheets: SPRU - News), announced today that Strat had received an unsolicited take-over bid circular from International Menu Solutions Corp. The bid offers to purchase outstanding Strat shares on the basis of a share exchange of thirty Strat shares for one International Menu share, plus a cash payment of $0.012 for each Strat share.
Mr. Hyams stated that while the offer appears inadequate, the offer nevertheless will be considered by the Board of Directors and the Board will advise shareholders of its recommendation to accept or reject the offer, within the next 10 days. Mr. Hyams noted, however, that there appears to be no current public information about the bidder, which apparently registered with the Securities and Exchange Commission in 1999 but stopped filing annual and periodic reports with the SEC in 2001, three years ago. Mr. Hyams also noted that the Board of Directors is enthusiastic about the business opportunities for Strat in the near future, particularly in the former Soviet Union, and has expressed its consensus that Strat remain independent.
Strat Petroleum, Ltd.'s strategy is to enhance shareholder value through the acquisition of oil & gas properties with proven reserves or producing/capped wells. Should you wish any additional information on our projects or management team, please visit our website at www.stratpetroleum.com or contact our Investor Relations office. Due to the volume of interest we will make every effort to respond as promptly as possible. |
