By the OGJ Online Staff
HOUSTON, June 26 -- Canadian Superior Energy Inc., Calgary, withdrew its $700 million (Can.) merger proposal to Canadian 88 Energy Corp., Calgary, citing "erosion" of the target company's value.
It also alleged Canadian 88 refused to provide requested due diligence information.
Canadian Superior claimed the targeted company's directors "do not intend to allow Canadian 88's shareholders the timely right to vote on the removal of their current board of directors."
Canadian Superior made the unsolicited offer in April (OGJ Online, Apr. 27, 2001). The offer involved changing the Canadian 88 board and exchanging 2.75 shares of Canadian Superior for each share of Canadian 88.
Recently, Canadian 88 said it had decided to remain independent and dropped a sale process started last year (OGJ Online, June 13, 2001).
