FYI egacy Oil + Gas Inc. walked away from a potential cash offer by a foreign state-owned oil company after negotiating a deal with Crescent Point Energy Corp., partly on concern that such a transaction could be delayed or scuttled by Ottawa.
The “non-binding” bid from the unnamed suitor, which several sources said is from China, was worth more than what Crescent Point offered for debt-hobbled Legacy in its all-share deal, Legacy said in its information circular. But it was highly conditional and faced regulatory risks, so the company let it expire before going public with the $563-million takeover agreement with Crescent Point on May 26.