-0.8 C
New York
November 30, 2021
Worship Media

Obsidian Energy extends hostile takeover offer for Bonterra Energy to March 29

CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. until March 29.

The offer was set to expire today.

Bonterra has repeatedly recommended shareholders reject the bid.

Obsidian has offered two of its shares for each Bonterra share.

In December, Obsidian reduced the minimum number of tendered shares needed to complete the transaction to 50 per cent from two-thirds.

Obsidian has said a combined Obsidian-Bonterra could save $50 million in the first year and a total of $100 million in the first three years, however Bonterra has said those savings are “uncertain.”

This report by The Canadian Press was first published Jan. 25, 2021.

Click Here to Visit Orignal Source of Article https://calgary.ctvnews.ca/obsidian-energy-extends-hostile-takeover-offer-for-bonterra-energy-to-march-29-1.5280812

Related posts

Bank of Canada, Liberals watching supply-chain issues weighing on economic rebound

CTV News

Statistics Canada says merchandise trade deficit held steady in October at $3.8B

CTV News

Pattie Lovett-Reid: Why you shouldn’t forgo vacation time, even amid a pandemic

CTV News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy