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bonterra energy takeover

 

Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, Obsidian's interim CEO, in a … In November, Obsidian shareholders voted to approve the issuance of up to 72.3 million shares to buy Bonterra despite strong resistance from the target company, which has dubbed the offer a "take-under bid" based on relative stock prices. Terms & Policies. Please note that CBC does not endorse the opinions expressed in comments. Updated Dec 22, 2020 5:35 PM CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday.The target company says in a news release the extension to Jan. 25 from Jan. 4 shows how unsuccessful the offer to issue two Obsidian shares for each Bonterra share has … The minimum tender condition has been lowered to 50 per cent from two-thirds of Bonterra's outstanding shares, Obsidian said. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Together, we can make a stronger entity that can make meaningful improvements to cash flow and inroads to lower debt levels, which we believe has a clear path to a higher share price.". The offer of two Obsidian shares for each Bonterra share tendered also has been extended to Jan. 25 from an earlier deadline of Jan. 4. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. As governments and companies jostle to show how committed they are to fighting global warming, plans to take carbon dioxide out…, Freezing weather that’s sweeping the northern hemisphere is causing chaos in energy markets and damaging infrastructure with households from Japan…, In a year when the pandemic sent the world into a tailspin, there was a silver lining for the world…. Bonterra adds that Obsidian's announced reduction of the minimum number of tendered shares needed to complete the transaction to 50 per cent from two-thirds acknowledges a lack of shareholder support. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Bitter cold brings chaos as global energy systems show strain, Biodiversity, supply chain rank among biggest ESG themes in 2021, Growing Forward Together: The Next-Gen Alberta Advantage, Worker missing after dozer breaks through frozen tailings pond in northern Alberta, Manitobans received $177M in carbon tax rebates, Winter is colder this year and that’s good for energy prices, Indigenous economic development heading into a growth phase in 2021: Minister, Suncor to take $425 million impairment charge on White Rose and West White Rose, B.C. © Glacier RIG Ltd., all rights reserved. The company says it has lowered the minimum tender condition to 50 per cent. to learn more. Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter … CALGARY — Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. It says it will offer two Obsidian shares for each Bonterra share until Jan. 4. It said a combined Obsidian-Bonterra entity could save $50 million in the first year and a total of $100 million in the first three years. It had earlier required two-thirds of Bonterra’s outstanding shares. The Calgary-based oil and gas producer says 91.4% of the shares represented at a special meeting on Monday were voted in favour of the deal announced in August, but strongly resisted since by the takeover … 's top doctor limits staff increases at five industrial worksites. Bonterra, however, says those cost savings are “uncertain,'' adding Obsidian has not achieved lender consent for the deal and would bring higher oilfield retirement obligations to a merged company. We reserve the right to close comments at any time. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Shareholder advisory firm Glass Lewis recommended Obsidian investors support management in pursuing Bonterra because it would create a company with a stronger balance sheet and the ability to grow through acquisitions. CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Audience Relations, CBC P.O. CALGARY - Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. The Bonterra board says the offer is … About Bonterra. 1 min read CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by … Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. The offer has also been extended to Jan. […] CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Obsidian has offered two of its shares for each share of Bonterra. Obsidian Energy Ltd. is formalizing its hostile takeover bid for rival Bonterra Energy Corp. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. The target company says in a news release the extension to Jan. 25 from Jan. 4 shows how unsuccessful the offer to issue two Obsidian shares for each Bonterra share has been since it was proposed in August. CALGARY -- Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. Bonterra shares were at $1.74 in early afternoon trading Monday on the Toronto Stock Exchange, while Obsidian shares were at 83 cents. Comments are welcome while open. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Bonterra urges shareholders to ignore extended hostile takeover bid by Obsidian December 22, 2020 5:10 PM The Canadian Press 0 Comments CALGARY – Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. Privacy & Cookie Usage Policy CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Published October 6, 2020 Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. The offer has also been extended to Jan. […] CBC's Journalistic Standards and Practices. The company says it has lowered the minimum tender condition to 50 per cent. CALGARY - A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at … Pseudonyms will no longer be permitted. CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. "Since we … Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Comments on this story are moderated according to our Submission Guidelines. CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. The Bonterra board says the offer is not in the best interests of the company and urged shareholders to reject the proposal. In its statement, Obsidian cited Cenovus Energy Inc.'s friendly takeover of Husky Energy Inc. and transactions announced by Whitecap Resources Inc., Tamarack Valley Energy Ltd. and Tourmaline Oil Corp. as examples of an industry consolidation trend that it wants to follow. In November, Obsidian shareholders voted to approve the issuance of up to 72.3 million shares to buy Bonterra despite strong resistance from the target company, which has dubbed the offer a “take-under bid'' based on relative stock prices. Image: Bonterra. CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. Image: Bonterra. Click here "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, … The takeover, first proposed in August, is open until Jan. 4 and offers two Obsidian shares for each Bonterra share. Are too many companies are banking on carbon capture to reach net zero? If you have ideas for how we can improve our services, we’d love to hear from you. to email us. Please see our "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, Obsidian's interim CEO, in a statement. Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on its strategy of long-term, sustainable growth and value creation for shareholders. Box 500 Station A Toronto, ON Canada, M5W 1E6. But it added in a report the deal has "almost no practical likelihood of being successful" because of opposition by the Bonterra board and from more than 30 per cent of Bonterra shareholders. Bonterra Energy (OTCPK:BNEFF) rejects Obsidian Energy's (OTCQX:OBELF) takeover bid, saying the offer is not in the best interests of the company.Bonterra says Obsidian's hostile bid is … CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover… CALGARY – Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after … New course charts ESG fundamentals for oil and gas producers. CALGARY - Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a “take-under” than takeover bid because it’s … Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. Obsidian said Monday recent consolidation by other players in the energy sector is a trend that should be followed, noting a combined Obsidian-Bonterra entity could save $50 million in the first year and a total of $100 million in the first three years. Sign up for the February 17, 2021 course. Offer to purchase Bonterra extended to January 25, 2021; Minimum tender condition lowered to 50% of Bonterra Energy Corp.'s outstanding shares; Improved valuation following Obsidian Energy … By continuing to browse you agree to our use of cookies. It had earlier required two-thirds of Bonterra’s outstanding shares. Obsidian has offered two of its shares for each share of Bonterra. 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