Synenco Energy Inc. announced the mailing of its Directors' Circular unanimously recommending that the holders of common class A voting shares of Synenco (common shares) accept the previously announced offer by Total E&P Canada Ltd. (Total), a wholly owned direct subsidiary of Total S.A., to acquire all of the issued and outstanding common shares for a cash consideration of $9.00 per common share (the offer). The offer is open for acceptance until 7:00 p.m. (Calgary time) on June 18, 2008, unless withdrawn or extended. The offer is subject to certain conditions, including acceptance of the offer by holders of at least 66 2/3 percent of the outstanding common shares of Synenco, calculated on a fully diluted basis, and receipt of all required regulatory approvals. The Take-over Bid Circular of Total and related materials and the Directors' Circular may be accessed electronically on the Internet at www.sedar.com and will be posted on Synenco's website at www.synenco.com.>/p>
TD Securities Inc. and Merrill Lynch Canada Inc. have acted as financial advisors to Synenco and each of them has provided an opinion to the board of directors of Synenco that the consideration to be received under the offer is fair, from a financial point of view, to Synenco shareholders. As a result of the offer, Synenco's annual general meeting has been postponed until further notice.
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