GEO JADE PAYS $2.20 CASH PER SHARE FOR BANKERS PETROLEUM BNK.TO
Bankers Petroleum Ltd. enters into definitive agreement to be acquired by an affiliate of Geo-Jade Petroleum Corporation
Canada NewsWire
CALGARY, March 20, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers") (TSX: BNK, AIM: BNK) is pleased to announce that it has entered into a definitive agreement (the "Arrangement Agreement") with 1958082 Alberta Ltd. (the "Purchaser") and Charter Power Investment Limited ("Charter Power") for the purchase of all the issued and outstanding common shares of Bankers ("Bankers Shares") at a cash price of C$2.20 per Bankers Share. The Purchaser and Charter Power are affiliates of Geo-Jade Petroleum Corporation ("Geo-Jade"), one of the largest independent oil and gas exploration and production companies in China. The transaction will be effected by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). The Arrangement values Bankers at approximately C$575 million before the assumption of the outstanding indebtedness of Bankers.
Highlights
Cash price of C$2.20 per Bankers Share
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