The offer price for each common share of Canada Southern remains unchanged at US$7.50 per share. Petro-Canada expects to mail a Notice of Extension today in respect of the extension of the offer to Canada Southern shareholders. The company has been advised by the depository for the offer that a total of 61,601 common shares had been deposited to the offer as of June 20.
On May 15, Petro-Canada, through Nosara Holdings, commenced a cash offer for all outstanding shares of Canada Southern Petroleum. The offer is for a cash price of US$7.50 per share, or approximately US$113 million in total on a fully diluted basis. The offer represents a premium of 58% over the closing price of Canada Southern's shares on NASDAQ on the day before the offer was announced.
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