By the OGJ Online Staff
CALGARY, Apr. 27 -- Canadian Superior Energy Inc., Calgary, has made an unsolicited $700 million (Can.) bid for a merger with Canadian 88 Energy Corp., Calgary.
Canadian Superior is directed by Greg Noval, founder of Canadian 88 and its president until last year.
In the all-stock offer, Canadian Superior has set an exchange of 2.75 Canadian Superior shares for each Canadian 88 share.
Canadian 88 Pres. Joseph Pritchett said he was not aware of the offer. He declined comment until the board has studied the offer.
Canadian 88 was put on the market last October after Duke Energy Corp., of Charlotte, NC, bought 20% of its stock and replaced Noval with Pritchett.
Canadian Superior has filed a lawsuit in Alberta against Canadian 88, involving assets in a sale to Hunt Oil Co., Dallas, Tex. The suit alleges Canadian Superior was denied access to information regarding the assets for sale. Canadian 88 has denied the allegations.
Canadian Superior Chairman Don Axford said the proposed merger would offer "one of the best inventories and most exciting inventories of world-class exploration prospects in the Canadian Atlantic and significant western Canadian exposure."
