Husky Engery To Aquire Avid Oil & Gas
Husky Energy Inc. announced that all conditions were satisfied and that 12,360,824 Class A common shares and 808,008 Class B common shares, being 97.5% and 95.8% respectively of the total issued and outstanding Class A and Class B common shares of Avid Oil & Gas Ltd., for which the offer was made, were tendered prior to the expiration of the outstanding offer by its subsidiary Husky Oil Operations Limited (Husky) to purchase all such common shares as set forth in the Offer to Purchase dated May 23, 2001.
In accordance with the terms of the Offer, Husky provided notice to Valiant Corporate Trust Company, the Depository and Information Agent (Depository), to take up and pay for all of the Class A and Class B common shares of Avid deposited in acceptance of the Offer, and will deposit sufficient funds with the Depository on July 4, 2001.
Upon the take up and pay and acquisition of the Class A and Class B common shares of Avid, Husky will own 98.5% of the issued and outstanding Class A common shares of Avid and 95.8% of the issued and outstanding Class B common shares of Avid, on a fully diluted basis.
Husky intends to take steps to acquire the remaining common shares of Avid pursuant to the compulsory acquisition provisions contained in the Business Corporations Act (Alberta).