RTK bought out for about 300 million$In Canada tho, nat gas rich country in NE BC.
Still signs that there are deals out there in the patch, and this year we will se some significant merger and acquisition activity. Makes sesne to combine two companies and get better access to financing etc. PTA management should be looking for a similar deal with a neighbor, would really make sense if they could pull something out of the hat. Not sure that will happen tho.
Artek to sell itself to Kelt in $307-million deal
2015-02-23 07:39 ET - News Release
Mr. Darryl Metcalfe reports
ARTEK EXPLORATION LTD. ANNOUNCES BUSINESS COMBINATION WITH KELT EXPLORATION LTD.
Artek Exploration Ltd. has entered into an arrangement agreement with Kelt Exploration Ltd., pursuant to which Kelt has agreed to acquire all of the issued and outstanding common shares of Artek on the basis of 0.34 of a common share of Kelt for each Artek share held.
The consideration reflects a value of approximately $2.76 per Artek share based on a five-day volume weighted average trading price of $8.10 per Kelt share immediately preceding execution of the arrangement agreement and represents a 61-per-cent premium over the five-day volume weighted average trading price of the Artek shares. The transaction values Artek at approximately $307-million, including net debt and Artek estimated transaction costs.
"This transaction provides Artek shareholders with a significant premium to the current share price," said Darryl Metcalfe, president and chief executive officer of Artek. "Artek's board of directors and management believe that the world-class platform they have built in northeast British Columbia over the last five years with their partner, Kelt, can be more efficiently and rapidly developed in the larger better-capitalized combined entity. The business combination with Kelt represents the culmination of Artek's corporate strategy, the principal tenets of which were to build, delineate and derisk this asset portfolio to the point where the value for our shareholders might be more fully realized in a larger company and Artek believes that merging Kelt's capital access, technical knowledge and history with Artek's resource plays represents an exciting opportunity for Artek shareholders to participate in the future growth of the resulting entity."
The arrangement agreement