Sinopec's Subsidiary Extends Takeover Offer for Tanganyika Oil
Sinopec announced today that the expiry date of the offer made by its indirect, wholly-owned subsidiary, Mirror Lake Oil and Gas Company Limited, to purchase all of the issued and outstanding common shares of Tanganyika Oil Company Ltd. at a price of C$31.50 per share, including all the common shares which may become outstanding upon the exercise of outstanding stock options or which are represented by Swedish Depositary Receipts, has been extended until December 19, 2008.
The Offer is now open for acceptance until 12:01 p.m. (Calgary time) on December 19, 2008, unless withdrawn or further extended. The Offer is subject to certain conditions, including receipt of all required regulatory approvals (the "PRC Approvals") from the government of The People's Republic of China.
Sinopec continues to take all commercially reasonable steps to obtain the PRC Approvals prior to the expiry of the Offer. Neither the Offeror nor Sinopec International currently intends to renegotiate or otherwise change
the Offer price of C$31.50 per Tanganyika Share. The Offeror and Sinopec International anticipate that the PRC Approvals will be obtained.
A notice announcing the extension of the Offer will be mailed to registered holders of Tanganyika common shares, options and Swedish Depositary Receipts after market close on December 2, 2008. The notice will also be available for review on SEDAR at www.sedar.com. Holders of Tanganyika Swedish Depositary Receipts can review the materials mailed to them regarding the Offer on E. Ohman J:or Fondkommission AB's website www.ohman.se.
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Company: Tanganyika Oil Company more info
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