Canada Southern Welcomes Canadian Oil Sands' Modified Offer
Canada Southern Petroleum Ltd. said that it welcomes Canadian Oil Sands' announcement earlier Monday that it has reduced its minimum tender condition to 50.01%.
"By lowering its minimum tender condition, Canadian Oil Sands has once again demonstrated its commitment to getting this deal done," said Richard McGinity, Chairman of the Canada Southern Board. "Our Board maintains its unanimous recommendation that shareholders accept Canadian Oils Sands' US$13.10 all-cash offer and tender their shares into it before it expires on August 18th because there is no guarantee it will be extended beyond that date."
"Despite Canadian Superior's apparent attempts to confuse the market, our shareholders should be under no illusions. There are two offers on the table for Canada Southern at this time: Canadian Oil Sands' offer of US$13.10 per share in cash, and Canadian Superior's original cash and stock offer valued at approximately US$8.16, based on Friday's closing market price of Canadian Superior shares on the AMEX." added McGinity.
Canadian Superior Fails to Amend its Original Offer
Despite stating in a press release dated July 31, 2006, that the filing of an amended offer "is expected to be completed by Friday, August 4th with all applicable regulatory authorities," Canadian Superior Energy Inc. has yet to file a formal amended offer with Canadian and U.S. securities regulators, stated Canada Southern.
McGinity remarked: "We have now seen five press releases from Canadian Superior in the twelve days since they first announced their intention to amend their original offer, but we still don't have an amended offer. Canadian Superior's failure to meet its own deadline further diminishes its credibility as a bidder in this process."
If shareholders have already tendered to the current Canadian Superior offer, Canada Southern's board recommends that shareholders withdraw them immediately. For assistance in doing so, shareholders are urged to contact The Proxy Advisory Group at toll free 1-866-678-1770.
Canada Southern Petroleum Ltd. is an independent energy company based in Calgary, Alberta, Canada. The company 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.
- Canadian Superior Energy Notes Operational Updates (Jun 03)
- Canadian Superior Energy Posts 1Q10 Results (May 13)
- Canadian Superior Energy Waves Goodbye to COO (May 05)
Company: Canada Southern Petroleum Ltd. more info
- Canadian Oil Sands Takes Up 78% of Canada Southern Petroleum Shares (Sep 08)
- Canada Southern Pleased with Strong Support for Canadian Oil Sands Offer (Aug 21)
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