RE: Wakeup! OPTI acquired by CNOOC
Canadian court clears the way for CNOOC acquisition of OPTI.
Should be positive for NEXEN
https://www.upstreamonline.com/live/article276958.ece
Court approves CNOOC Opti deal
CNOOC is closer to acquiring Opti Canada after a Canadian court approved theChinese giant’s acquisition of the struggling oil sands company.
Andrew Hobbs08 September 2011 02:42 GMT
In a filing to the Toronto Venture Exchange, Opti said the Court of Queen’sBench of Alberta had granted an order approving the company’s master planpursuant to Canadian law, following an Opti noteholders meeting where theplan was approved.
The court found that Opti’s plans were substantively and procedurally fair andreasonable to noteholders and shareholders, the company said.
Under the plan, all of the company’s second lien notes will be transferred toCNOOC for a net cash payment of about $1.18 billion, while common shareswill be transferred to CNOOC for 12 cents each.
In its announcement to the Hong Kong Bourse, CNOOC said it expected thetransaction would become effective in the fourth quarter of 2011, but saidinvestors should note the transaction was still subject to variousconditions and there was no guarantee it would proceed.
CNOOC agreed to buy Opti in July for a total value of $2.1 billion, includingother payments of $37.5 million to backstop parties, $34 million toshareholders and the assumption of $825 million first lien notes.