Why did ARC bailout of a deal to purchase Coral Hill?Does anyone know why Aspenleaf recently bailed out of deal to buy Coral Hill?
Apsenleaf are pretty shrewd oil guys, run by former executives Royal Dutch Shell and back by ARC Financial Corp. and Ontario Teachers Pension Plan.
In December Apsenleaf entered an agreed to buy Coral Hill, which valued CH at roughly 240 million. Then in Jan they claimed that CH was “in default of a certain covenant under the arrangement agreement.” and bailed out of the deai and never came back.
Now CPG is buy CH for even more with the deal valuing CH at roughly $258-million according to the press.
Makes me a little bit nervous until I know what scared off Aspenleaf.
- Kman