Canada Southern Agrees to Canadian Oil Sands’ Higher Bid
The board of directors of Canada Southern Petroleum Ltd. on Thursday announced that it has agreed to terms on a revised offer from a wholly owned subsidiary of Canadian Oil Sands Trust.
Under the revised offer, Canadian Oil Sands will acquire all of the outstanding common shares of Canada Southern for US$13.10 per share, all cash. The revised Canadian Oil Sands offer follows Tuesday’s announcement by Petro-Canada that it has extended and increased the value of its original offer to US$13.
After receiving advice Canada Southern’s financial advisor, CIBC World Markets Inc., and its legal advisors, the board unanimously recommends that shareholders accept the revised offer from Canadian Oil Sands.
If shareholders have already tendered to the revised Petro-Canada offer or the Canadian Superior Energy Inc. offer, the board recommends that shareholders withdraw them immediately. For assistance in doing so, shareholders are urged to contact The Proxy Advisory Group at 1-866-678-1770.
Canada Southern will issue an amendment to its Directors' Circular regarding the revised Canadian Oil Sands offer. It will contain important information for shareholders, including the board recommendation in favor of the Canadian Oil Sands offer.
The revised Canadian Oil Sands offer remains open to 8 a.m. (Mountain Daylight time) on Aug. 1, 2006, unless further extended or withdrawn.
Canada Southern Petroleum Ltd. is an independent Calgary-based energy company. It is engaged in oil and gas exploration and development, with its primary interests in producing properties in the Yukon Territory and British Columbia, Canada. The company also owns varying interests in seven Significant Discovery Licenses located in the Arctic Islands in Northern Canada.
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