Bankers Petroleum to be acquired by Chinese Geo Jade 08:31 AM EDT, 04/21/2016 (MT Newswires) -- Bankers Petroleum (BNK.TO) has filed its management information circular and related proxy materials on SEDAR and its website, in advance of the company's special meeting of shareholders to be held on May 31, 2016. At that meeting, shareholders will be asked to approve a takeover of Bankers by affiliates of Geo-Jade Petroleum.
As announced on March 20, 2016, Bankers has entered into a definitive agreement with affiliates of Geo-Jade for the purchase of all the issued and outstanding common shares of Bankers at a cash price of $2.20 per Bankers share. If approved at the special meeting, closing of the arrangement will occur in June 2016, following which Bankers shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange.
Bankers' board of directors has recommended shareholders vote in favour of the deal, noting that the offer represented a 98% premium over Bankers' closing price on the TSX of $1.11 on March 18, 2016. Since then, Bankers' shares have climbed substantially, closing at $1.81 on Wednesday.