Longview Provides Update on Unsolicited Non-Binding Proposal
Wednesday, February 19, 2014
Longview Provides Update on Unsolicited Non-Binding Proposal
08:00 EST Wednesday, February 19, 2014
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(TSX: LNV)
CALGARY, Feb. 19, 2014 /CNW/ - As previously announced on February 10, 2014, Longview Oil Corp. ("Longview") received an unsolicited non-binding proposal (the "Proposal") from a public oil and gas company (the "Interested Party") to purchase all of the issued and outstanding shares of Longview ("Longview Shares"). Upon receipt of the Proposal, the Board of Directors of Longview (the "Longview Board") appointed a Special Committee of independent directors (the "Special Committee") to consider the Proposal. Following the formation of the Special Committee, BMO Capital Markets was engaged as financial advisor to assist and advise the Longview Board and Special Committee.
After careful consideration of the matter, and upon receiving the advice of its financial and legal advisors, the Special Committee determined that it could not properly evaluate the transaction outlined in the Proposal without an exchange and review of confidential information by both parties. Longview and the Interested Party engaged in negotiations with respect to a confidentiality and standstill agreement in order to facilitate an exchange of confidential information. Although the parties finalized the terms of the confidentiality and standstill agreement, the Interested Party was unwilling to execute it. The Proposal has now expired and the parties are not currently in discussions. Longview does not intend to make any further comment on these matters unless there are material developments that warrant such comment.
SOURCE Longview Oil Corp.