Admiral Bay Receives Acquisition Inquiry
Admiral Bay Resources Inc. said that it has received a written expression of interest to be acquired at a premium to the current market price, from another public company. The Directors of the Company have determined that it is in the best interests of the shareholders to appoint a special committee of the board to evaluate and consider this offer and any alternatives so as to maximize shareholder value. The committee, at its discretion, may engage a financial advisor to assist in the review any potential alternatives.
The Company would like to be clear that at this time it has only received an expression of interest and that no formal offer has been received or no terms of an agreement have been negotiated. Investors are cautioned that there can be no assurance that acceptable terms for the acquisition of the Company will be reached with this third party or that any transaction will occur.
Admiral Bay Resources Inc. is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania.
- Admiral Bay Resources Reports Record Production for Fiscal 2009 (Dec 02)
- Admiral Bay Reports on Record Production for Third Quarter (Jun 30)
- Admiral Bay Acquires Additional Interest in Kansas Thayer Project (May 11)