Burlington Completes Canadian Hunter Acquisition
Burlington Resources Inc. announced the acceptance of its C$53.00 per share cash tender offer to acquire all the common shares of Canadian Hunter Exploration Ltd. by Canadian Hunter's shareholders. Burlington also announced that it has received all the necessary regulatory approvals concerning the acquisition of Canadian Hunter.
A total of 58.7 million shares of Canadian Hunter common stock were tendered under the offer. This represents more than 98 percent of Canadian Hunter's shares outstanding. Burlington intends to take up the tendered shares immediately and expects that the depository will be in a position to make payment on December 5, 2001. Burlington intends to acquire the remaining shares of Canadian Hunter by compulsory acquisition for C$53.00 per share in cash.
"Canadian Hunter's performance continues to exceed expectations, and the completion of this transaction further establishes Burlington as a significant player in Canada. Our combined entities are uniquely positioned for future profitable growth, and we are delighted to welcome Canadian Hunter's employees to the Burlington Resources family," said Bobby S. Shackouls, Burlington chairman, president and chief executive officer.