Novus Energy agrees to takeover by Yanchang Petroleum Mr. Hugh Ross reports
NOVUS ENERGY INC. ENTERS INTO DEFINITIVE AGREEMENT TO BE ACQUIRED BY YANCHANG PETROLEUM INTERNATIONAL LIMITED
Novus Energy Inc. has entered into a definitive agreement with Yanchang Petroleum International Ltd. and Yanchang International (Canada) Ltd. for the purchase of all of the issued and outstanding common shares of the company at a cash price of $1.18 per common share. The total transaction value, including net debt and transaction costs, is approximately C$320 million. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The consideration offered for the Common Shares pursuant to the Arrangement represents a 40% premium over the closing price of the Common Shares on the TSX Venture Exchange on August 27, 2013, the last trading day of the Common Shares prior to the subsequent halt thereof, and a 44% premium over the 1-month volume weighted average trading price of the Common Shares on the TSX Venture Exchange.
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