By OGJ editors
HOUSTON, Oct. 23 -- ATS Inc., a wholly owned subsidiary of Woodside Petroleum Ltd., has extended a deadline for its $880 million tender offer in a takeover bid for Energy Partners Ltd. (EPL) of New Orleans.
ATS set a new deadline of Oct. 27 for its tender offer. EPL issued a news release on Oct. 20, noting that ATS has twice extended its tender offer because fewer than 1% of EPL's shares have been tendered.
EPL has rejected the unsolicited ATS offer and urged shareholders to not participate in the tender offer (OGJ, June 12, 2006, p. 34).
"We believe that these results demonstrate our stockholders' continuing support for the recent decisions taken by our board, including the authorization of a process to explore strategic alternatives to maximize stockholder value," EPL said on Oct. 12. Possible sale of the company is among the alternatives being considered.
In addition, EPL announced that it filed a preliminary consent revocation statement with the US Securities and Exchange Commission opposing efforts by ATS to remove and replace EPL's board members.
