Investors opposing Pacific Rubiales takeover

O’Hara Administration Co., a group of Venezuelan investors, has said that, together with other investors, it is opposing the proposed takeover of Pacific Rubiales oil company by by ALFA, S.A.B. de C.V. and Harbour Energy Ltd.

The company, with its joint actors, owns 19.50% of the issued and outstanding common shares of Pacific Rubiales.

The company said: “In opposing the proposed acquisition, O’Hara may take any and all actions it considers advisable, including acquiring additional common shares of Pacific Rubiales, communicating with other shareholders, soliciting proxies and retaining its own financial, legal and proxy solicitation advisors. While O’Hara has no current intention of proposing its own transaction, it may reconsider doing so if circumstances change.”

“O’Hara and its joint actors will review their options and share ownership position as circumstances continue to evolve and taking into account market conditions and other relevant factors in the future,” the company has said.

Canada’s Pacific Rubiales Energy Corp., with assets in Latin America, early in May said it entered into exclusive takeover discussions with ALFA, and Harbour Energy Ltd., whereby they would acquire all of the issued and outstanding common shares in the capital of the company not owned by ALFA for a price of C$6.50 per share. According to Bloomberg, O’Hara and its joint actors want a better deal for Pacific Rubiales than the one offered by ALFA and its partner Harbour Energy.

At the time of the announcement on the takeover talks, ALFA held 59,897,800 Common Shares in Pacific Rubiales, representing approximately 18.95% of the issued and outstanding Common Shares.

 

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