Petro Andina announced that its Board of Directors unanimously recommends that shareholders reject 1462627 Alberta Ltd's., a wholly-owned subsidiary of Pluspetrol Resources Corporation N.V., unsolicited offer (Pluspetrol Offer) to acquire Petro Andina. The Board, after a thorough review and evaluation of the June 19, 2009 unsolicited take-over bid and after consultation with its financial and legal advisors, determined that the Pluspetrol Offer is inadequate from a financial point of view. The Board therefore recommends that Petro Andina shareholders reject the Pluspetrol Offer and not tender their shares to the Pluspetrol Offer.
Among the reasons the Petro Andina Board believes shareholders should reject the Pluspetrol Offer are:
"This is an inadequate and opportunistic offer that fails to recognize the full value of Petro Andina," said Wayne Foo, President of Petro Andina.
The Board in consultation with its financial advisors, FirstEnergy Capital Corp. and Scotia Waterous Inc., has commenced an evaluation of various initiatives in the best interests of Petro Andina and its shareholders with the objective of maximizing value for shareholders. The financial advisors have established data rooms in Calgary, Houston, and Buenos Aires, which are being made available to qualifying companies.
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