Court of Queen’s Bench of Alberta approves Painted Pony acquisition

The Court of Queen’s Bench of Alberta granted a final order approving the proposed transaction between Painted Pony Energy Ltd. and Canadian Natural Resources Ltd.

In August, Canadian Natural Resources agreed to acquire Painted Pony for a cash consideration of $0.69 per share plus assumption of Painted Pony’s total debt of $350 million (OGJ Online, Aug. 10, 2020).

The deal was approved by more than 88% of shareholders and optionholders who voted at a special meeting of Painted Pony held Oct. 1.

The deal is still subject to other standard conditions to closing.