Petrobank Energy & Resources Ltd., Calgary, has extended a $1.6 billion (Can.) unsolicited takeover bid for Ranger Oil Ltd., Calgary, to June 5 from May 12. Ranger is fighting the offer by Petrobank, a much smaller company, and has refused Petrobank access to its data room. The $1.6 billion offer is comprised of stock, cash, and assumed debt. The extended offer does not vary the terms of the original offer of $2.50/share in cash and two shares of Petrobank for each share of Ranger. Ranger CEO Fred Dyment said the Petrobank extension is futile and his company will come up with a better deal for shareholders.
AC Ventures, the venture capital unit of Andersen Consulting, announced a "significant" investment in Houston-based FuelQuest, an e-commerce venture for petroleum marketing. Another partner is Lehman Brothers Venture Partners. FuelQuest said it plans to provide supply-chain integration solutions between refiners-suppliers, marketers, and commercial and retail end users. It will also offer ordering, product delivery, invoicing, and logistics for fuel-related products and services.