MERGERS - ACQUISITIONS / New Cache Petroleums Ltd. Announces Canadian
Abraxas Has Extended Offer to January 5, 1999
CALGARY, Dec. 18 /CNW/ - In connection with the Offer to purchase all of
the common shares and associated rights of New Cache Petroleums Ltd. (''New
Cache''), at a price of $6.50 (Cdn.) per common share, Canadian Abraxas
Petroleum Limited (''Canaxas'') announced today that it has mailed a Notice of
Variation and Extension dated December 18, 1998 (the ''Notice''). Pursuant to
the Notice, the expiry of the Offer has been extended from 12:00 midnight
(Toronto time) on December 22, 1998 to 5:00 P.M. (Calgary time) on January 5,
1999.
The Offer is conditional, among other things, on a minimum of 66 2/3% of
the common shares and associated rights of New Cache being tendered by 5:00
P.M. (Calgary time) on January 5, 1999. The Directors of New Cache have
unanimously recommended acceptance of the Offer to shareholders of New Cache.
Directors and Officers of New Cache, holding approximately 20% of the
outstanding common shares of New Cache, have agreed to tender their common
shares and associated rights to the Offer. As of close of business on
December 16, 1998, 2,485,310 New Cache common shares and associated rights had
been deposited pursuant to the Offer.
With the extension date falling after the holiday season, Canaxas
believes that the extension will facilitate the tendering of an increased
number of shares to the offer. |
