MERGERS-ACQUISITIONS / RE: Sands Petroleum AB Announces
Extension of Offer for International Petroleum Corporation
DECEMBER 23, 1997
STOCKHOLM, SWEDEN AND VANCOUVER, BRITISH COLUMBIA--Sands Petroleum
AB (publ) ("Sands") announces that it has extended the time during
which its offer to purchase all of the issued and outstanding
common shares (the "Share Offer") of International Petroleum
Corporation ("IPC") is open for acceptance from 4:00 p.m. (Toronto
time) on December 23, 1997 to 4:00 p.m. (Toronto time) on January
9, 1998, unless further extended. Sands has not yet determined
whether it will extend the offer (the "SDR Offer") to purchase all
of the outstanding Swedish Depositary Receipts ("SDRs") of IPC,
which offer has been made in accordance with Swedish laws.
Sands is pleased to announce that, to date, preliminary
indications are that in excess of 80 percent of the issued and
outstanding common shares of IPC (including common shares are
represented by SDRs) have been tendered to both the SDR Offer and
the Share Offer, however, SDRs deposited pursuant to the SDR Offer
in Sweden are still being received. A decision as to whether to
extend the SDR offer will be made shortly.
The formal bid made by Sands consists of an offer to the SDR
holders of IPC on the basis of one Series B share of Sands for
every 1.15 SDRs of IPC and an offer to the common shareholders of
IPC on the basis of one Series B share of Sands as represented by
a global depositary security (a "GDS") for every 1.15 common
shares of IPC. The bid is still subject to various conditions,
including, among other things: (a) there being deposited under the
SDR Offer and the Share Offer and not withdrawn 90 percent of the
issued and outstanding common shares of IPC (including common
shares of IPC as represented by SDRs) other than common shares of
IPC held by Sands and its associates and affiliates; and (b) the
receipt of all necessary regulatory approvals and consents, on
terms satisfactory to Sands in respect of the bid. |
