OTCPK:STVMF - Post by User
Post by
Rick2012on Feb 08, 2017 5:06pm
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Post# 25819261
From Savanna website
From Savanna websiteFrom several weeks ago this has been on their website:
Since Total's announcement of its intention to make an offer for Savanna, Savanna has received strong expressions of interest from third parties in evaluating the opportunity to make a competing offer for Savanna. Under the supervision of the Special Committee, Savanna's management, with the assistance of its financial and legal advisors, intends to conduct a formal process to explore the full range of strategic alternatives, which may include a merger or partnership with strategic or financial partners, a sale reflecting full and fair value for Shareholders or an acquisition by Savanna, with a view to maximizing value for all Shareholders. Savanna is in the process of establishing a comprehensive data room which will be available to interested parties wishing to transact with Savanna that execute a confidentiality agreement.
The Soft Support Agreements that the Soft Support Shareholders have entered into with Total will not prevent the Soft Support Shareholders from accepting or voting in favour of another transaction. The Soft Support Agreements are "soft" support agreements and can, in accordance with their terms, be terminated in the event of a transaction that has, in the sole opinion of the Soft Support Shareholder, acting reasonably and in accordance with its fiduciary duties, terms more favorable to the Soft Support Shareholder than the Total Offer.
While it is impossible to predict whether any compelling proposals will emerge from these efforts and discussions, the Savanna Board believes that Savanna and its business are potentially very attractive to other parties in addition to Total.