Pacific Rubiales Energy has entered into exclusive discussions in respect of an offer from ALFA, S.A.B. de C.V. (“ALFA”) and Harbour Energy Ltd. (“Harbour Energy”), to take overy Pacific Rubiales.
According to a statement by Pacific Rubiales, the two companies 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, subject to completion of definitive documentation and final Board approvals.
Pacific Rubiales is a Canadian oil and gas exploration and production company, with operations focused in Latin America. The company has a diversified portfolio of assets with interests in approximately 90 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize.
Regarding the takeover, Pacific Rubiales said: “ALFA and Harbour Energy have agreed with the Company to work toward completion of definitive documentation expeditiously. The contemplated transaction would be subject to a number of conditions and there can be no assurance that any transaction will be completed.”
ALFA currently holds 59,897,800 Common Shares, representing approximately 18.95% of the issued and outstanding Common Shares.