Alberta Energy makes bid for Pacalta; reaction awaited

Alberta Energy Co. Ltd. (AEC) has announced an offer to acquire all of the outstanding shares of fellow Calgary-based independent Pacalta Resources Ltd. for a total of about $748 million (Canadian), including the assumption of $274 million in Pacalta debt and working capital deficiency. Pacalta's board of directors has scheduled a meeting to consider the offer and possible alternatives. AEC says the offer constitutes a premium of about 29% over the 10-day market average share price of Pacalta, also based in Calgary. "These assets meet the disciplined growth and value criteria we apply in approaching acquisitions and exploration," said AEC Pres. and CEO Gwyn Morgan. Th...

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