Canadian Superior Withdraws Offer for Berkana Energy
Canadian Superior Energy has withdrawn its $155 million all cash bid for Berkana Energy made on Friday, November 16, 2007, after the close of the North American capital markets. The $155 million all cash bid of CDN $2.16 per share to all shareholders of Berkana was made to Murphy Oil Corporation and Murphy Oil Company, Berkana's 80% shareholder and to Berkana's minority shareholders at a special board of directors meeting of Berkana and their Independent Committee that was convened on Saturday November 17, 2007 regarding this Transaction.
Canadian Superior's bid expired at 3:00 pm MST Saturday November 17, 2007 and it has been formally withdrawn with Berkana and Murphy. Canadian Superior's bid was to be financed by cash, internal sources, conventional banking, high yield debt and institutional shareholder support. Canadian Superior's offer also included upside for Berkana's shareholders who had the option to acquire up to 25% of the value of the Transaction in the form of Canadian Superior common shares.
Murphy recently hired RBC Dominion Securities of Canada to sell Murphy's 80% interest in Berkana. Berkana claims to have 3,000 boe/d of production in Western Canada and approximately CDN $20 million per year of cash flow.
- Canadian Superior Energy Notes Operational Updates (Jun 03)
- Canadian Superior Energy Posts 1Q10 Results (May 13)
- Canadian Superior Energy Waves Goodbye to COO (May 05)