Anderson Exploration Ltd. has offered to purchase Numac Energy Inc. in a friendly takeover worth $960 million (Can.), including $135 million in debt.
The offer of $8/share and assumption of $135 million in Numac debt was recommended by both Anderson and Numac directors. The offer is a 25% premium over Numac�s closing price on the Toronto Stock Exchange Jan. 17.
Shareholders holding 62% of Numac have agreed to tender their shares, said Anderson, as have directors and officers of the corporation, who hold 3%.
The sale is contingent on the acquisition of at least two thirds of the shares as well as regulatory approval.
Numac would pay Anderson a non-completion fee of $35 million under certain circumstances.
Numac is a western Canadian crude oil and natural gas exploration and production company with operations focused in Central Alberta, the Plains Area of Alberta and Saskatchewan, and northeast British Columbia. In its third quarter of fiscal 2000 Numac reported gas sales of 109 MMcfd and liquids sales of 18,828 b/d.
Anderson said the acquisition adds to Anderson's core operating areas of northeast British Columbia, west central Alberta, and southeast Saskatchewan, as well as a position in the Surmont oil sands project.