MERGERS & ACQUISITIONS / Husky and Mohawk
HUSKY OIL ANNOUNCES ACQUISITION OF MOHAWK
CALGARY, July 7 /CNW/ - Husky Oil Limited (Husky) today announced that
all conditions were satisfied and that 9,420,050 common shares, being 97.7 per
cent of the total issued and outstanding common shares of Mohawk Canada
Limited (Mohawk), for which the offer was made, were tendered prior to the
expiration of the outstanding offer by its subsidiary HB Acquisition Inc. (HB)
to purchase all such common shares as set forth in the Offer to Purchase and
Director's Circular dated June 3, 1998 (the ''Offer''). The other shareholder
of HB is BEL Acquisition Inc. (BAI), a subsidiary of Balaclava Enterprises
Ltd.
In accordance with the terms of the Offer, HB provided notice to Montreal
Trust Company of Canada to take up and pay for all of the common shares of
Mohawk deposited in acceptance of the Offer. Upon the take up and pay and
acquisition of the common shares of BAI, HB will own 98.2 per cent of the
issued and outstanding common shares of Mohawk on a fully diluted basis. HB
has extended its offer in respect of the remaining common shares issuable upon
conversion of the employee participation shares of Mohawk not deposited.
Husky Oil Limited is a Canadian-based integrated oil and gas company
headquartered in Calgary, Alberta. The company's operations include the
exploration for and development of crude oil and natural gas, as well as the
production, purchase, transportation, upgrading, refining and marketing of
crude oil, natural gas, natural gas liquids, sulphur and petroleum coke, and
the marketing of refined petroleum products, including asphalt.
Balaclava Enterprises Ltd. is a private management holding company
incorporated under the laws of British Columbia. Through subsidiaries it is
active in the environmental services and recreation industries in British
Columbia and in the real estate industry in Washington and Oregon. Balaclava
also has investments in the sugar refining and natural resource industries.
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For further information: Laurel Nichol, Husky Oil Limited,
(403) 298-7188
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