MERGERS - ACQUISITIONS / Blue Range Resources - No Alternative Transaction
Blue Range Announces Completion of Discussions
CALGARY, Dec. 10 /CNW/ - Blue Range Resource Corporation announced today that it has completed discussions with all prospective parties to an alternative transaction to the take-over bid made on November 13 by Big Bear Exploration Ltd. for the shares of Blue Range. Although Blue Range's board of directors and financial advisors obtained several alternative proposals, none of the proposals were satisfactory and all were rejected. Blue Range has now released all prospective parties from the standstill'' restrictions contained in the confidentiality agreements entered into by those parties.
In commenting on the efforts to find an alternative transaction, Keith Farries, Chairman of the Blue Range Special Committee of Directors, said The Company's board of directors and advisors took all reasonable steps to fulfill the board's mandate to obtain a transaction offering higher value to shareholders. Unfortunately, in light of current commodity prices and market conditions, an acceptable alternative transaction did not materialize.'' Blue Range's board of directors withdraws its prior rejection of the Big Bear bid and is making no recommendation in respect of the Big Bear bid.
If the Big Bear bid is successful, the board of directors and senior management of Blue Range will cooperate with Big Bear to facilitate an orderly transition to maximize shareholder value.
Blue Range is a natural gas exploration, development and production company based in Calgary, Alberta. The Company concentrates its activities on liquid-rich natural gas prospects in Central Alberta, Northwest Alberta and Northeast British Columbia. Blue Range's common shares are listed for trading on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol BBR.A. |
