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New course charts ESG fundamentals for oil and gas producers. Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter … CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. Please see our The Bonterra board says the offer is … The takeover, first proposed in August, is open until Jan. 4 and offers two Obsidian shares for each Bonterra share. Obsidian Energy Ltd. is formalizing its hostile takeover bid for rival Bonterra Energy Corp. CALGARY - A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at … Published October 6, 2020 Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Obsidian said Monday recent consolidation by other players in the energy sector is a trend that should be followed, noting a combined Obsidian-Bonterra entity could save $50 million in the first year and a total of $100 million in the first three years. Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. As governments and companies jostle to show how committed they are to fighting global warming, plans to take carbon dioxide out…, Freezing weather that’s sweeping the northern hemisphere is causing chaos in energy markets and damaging infrastructure with households from Japan…, In a year when the pandemic sent the world into a tailspin, there was a silver lining for the world…. Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. The offer has also been extended to Jan. […] CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. By continuing to browse you agree to our use of cookies. In November, Obsidian shareholders voted to approve the issuance of up to 72.3 million shares to buy Bonterra despite strong resistance from the target company, which has dubbed the offer a "take-under bid" based on relative stock prices. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Please note that CBC does not endorse the opinions expressed in comments. The Bonterra board says the offer is not in the best interests of the company and urged shareholders to reject the proposal. Bonterra adds that Obsidian's announced reduction of the minimum number of tendered shares needed to complete the transaction to 50 per cent from two-thirds acknowledges a lack of shareholder support. Pseudonyms will no longer be permitted. to learn more. CBC's Journalistic Standards and Practices. Obsidian has offered two of its shares for each share of Bonterra. The Calgary-based oil and gas producer says 91.4% of the shares represented at a special meeting on Monday were voted in favour of the deal announced in August, but strongly resisted since by the takeover … CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday.The target company says in a news release the extension to Jan. 25 from Jan. 4 shows how unsuccessful the offer to issue two Obsidian shares for each Bonterra share has … CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. It said a combined Obsidian-Bonterra entity could save $50 million in the first year and a total of $100 million in the first three years. Bitter cold brings chaos as global energy systems show strain, Biodiversity, supply chain rank among biggest ESG themes in 2021, Growing Forward Together: The Next-Gen Alberta Advantage, Worker missing after dozer breaks through frozen tailings pond in northern Alberta, Manitobans received $177M in carbon tax rebates, Winter is colder this year and that’s good for energy prices, Indigenous economic development heading into a growth phase in 2021: Minister, Suncor to take $425 million impairment charge on White Rose and West White Rose, B.C. CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. Shareholder advisory firm Glass Lewis recommended Obsidian investors support management in pursuing Bonterra because it would create a company with a stronger balance sheet and the ability to grow through acquisitions. CALGARY - Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a “take-under” than takeover bid because it’s … The offer has also been extended to Jan. […] Bonterra Energy (OTCPK:BNEFF) rejects Obsidian Energy's (OTCQX:OBELF) takeover bid, saying the offer is not in the best interests of the company.Bonterra says Obsidian's hostile bid is … CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Image: Bonterra. Bonterra urges shareholders to ignore extended hostile takeover bid by Obsidian December 22, 2020 5:10 PM The Canadian Press 0 Comments CALGARY – Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. The target company says in a news release the extension to Jan. 25 from Jan. 4 shows how unsuccessful the offer to issue two Obsidian shares for each Bonterra share has been since it was proposed in August. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. In November, Obsidian shareholders voted to approve the issuance of up to 72.3 million shares to buy Bonterra despite strong resistance from the target company, which has dubbed the offer a “take-under bid'' based on relative stock prices. CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after … CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Audience Relations, CBC P.O. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. If you have ideas for how we can improve our services, we’d love to hear from you. Image: Bonterra. Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on its strategy of long-term, sustainable growth and value creation for shareholders. "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, Obsidian's interim CEO, in a … Updated Dec 22, 2020 5:35 PM CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, … Bonterra shares were at $1.74 in early afternoon trading Monday on the Toronto Stock Exchange, while Obsidian shares were at 83 cents. CALGARY -- Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. Box 500 Station A Toronto, ON Canada, M5W 1E6. In its statement, Obsidian cited Cenovus Energy Inc.'s friendly takeover of Husky Energy Inc. and transactions announced by Whitecap Resources Inc., Tamarack Valley Energy Ltd. and Tourmaline Oil Corp. as examples of an industry consolidation trend that it wants to follow. We reserve the right to close comments at any time. The minimum tender condition has been lowered to 50 per cent from two-thirds of Bonterra's outstanding shares, Obsidian said. "Since we … Sign up for the February 17, 2021 course. Obsidian has offered two of its shares for each share of Bonterra. CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. 's top doctor limits staff increases at five industrial worksites. Bonterra, however, says those cost savings are “uncertain,'' adding Obsidian has not achieved lender consent for the deal and would bring higher oilfield retirement obligations to a merged company. The Bonterra board says the offer is not in the best interests of the company and urged shareholders to reject the proposal. The offer of two Obsidian shares for each Bonterra share tendered also has been extended to Jan. 25 from an earlier deadline of Jan. 4. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. CALGARY – Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Together, we can make a stronger entity that can make meaningful improvements to cash flow and inroads to lower debt levels, which we believe has a clear path to a higher share price.". Are too many companies are banking on carbon capture to reach net zero? Terms & Policies. "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, Obsidian's interim CEO, in a statement. It had earlier required two-thirds of Bonterra’s outstanding shares. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). © Glacier RIG Ltd., all rights reserved. Click here Comments on this story are moderated according to our Submission Guidelines. Offer to purchase Bonterra extended to January 25, 2021; Minimum tender condition lowered to 50% of Bonterra Energy Corp.'s outstanding shares; Improved valuation following Obsidian Energy … Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. It had earlier required two-thirds of Bonterra’s outstanding shares. CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. Privacy & Cookie Usage Policy Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. But it added in a report the deal has "almost no practical likelihood of being successful" because of opposition by the Bonterra board and from more than 30 per cent of Bonterra shareholders. Comments are welcome while open. CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover… By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. The company says it has lowered the minimum tender condition to 50 per cent. About Bonterra. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. CALGARY - Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. It says it will offer two Obsidian shares for each Bonterra share until Jan. 4. CALGARY — Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. 1 min read CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by … CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. to email us. 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