Pacific Rubiales takeover canceled

Canadian oil company Pacific Rubiales has informed that two investors ALFA and Harbour Energy have canceled their $1.7 billion takeover offer for the company, due to opposition from shareholders.

To remind, the two investors in May had their takeover offer accepted by the management of Pacific Rubiales, who also urged other shareholders to do the same.

However, other investors, namely O’Hara Administration, objected the potential deal, claiming the “fatally flawed” offer undervalued the shares of Pacific Rubiales.

Worth noting, the investors had offered $6.50 Canadian dollars per share of Pacific Rubiales, describing the offer price as “full, fair and final.”

Pacific Rubiales on Wednesday said: “The arrangement agreement will terminate with immediate effect. Accordingly, the Special Meeting of Shareholders scheduled for July 28, 2015, which had been called in order for shareholders to consider the arrangement has been cancelled… The Company will continue with its plans to reduce operating costs, divest non-core assets, reduce debt, and continue to pursue Mexico energy opportunities with our preferred joint venture partner ALFA.”

“We’re pleased that the arrangement agreement was terminated,” said O’Hara’s Orlando Alvarado. “As one of the company’s largest shareholders, we look forward to engaging with various stakeholders and playing a constructive role in the company’s future,” he said, according to Canada’s The Globe and Mail.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

OWI WA 2019

West Africa’s only dedicated Offshore Well Intervention Conference is returning for its second year…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply