Baytex Acquires Burmis For Considerable Share Consideration
Baytex Energy Trust has entered into an agreement to acquire Burmis Energy Inc. on the basis of 0.1525 Baytex trust unit for each Burmis common share. The Transaction will be effected through a plan of arrangement, and is subject to the approval of the shareholders of Burmis as well as customary regulatory and other approvals. The Transaction is expected to be completed in June 2008.
Based on the 10-day average closing prices of Baytex trust units of $23.09 and Burmis common shares of $3.27 on the TSX, Burmis shareholders will receive a value of $3.52 per Burmis common share, representing a premium of 8%. The Board of Directors of Baytex and Burmis have both unanimously approved the agreement. The directors and officers of Burmis, who own approximately 18% of the diluted Burmis common shares, have agreed to vote their Burmis shares in favor of the Transaction. FirstEnergy Capital Corp. has advised the Board of Directors of Burmis that the consideration to be received by Burmis shareholders pursuant to the Transaction is fair from a financial point of view to Burmis shareholders.
- Baytex Acquires Burmis For Considerable Share Consideration (Apr 09)
- Burmis Energy Closes Natural Gas Asset Acquisition (Aug 31)
- Burmis Drills Successful Oil Well at Pembina (Dec 18)
Company: Baytex Energy Trust more info
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