UTS Confirms Rejection of Total's 'Inadequate' Offer
The Special Committee of the Board of Directors of UTS Energy Corporation (UTS) wishes to confirm UTS' recommendation that the offer of $1.75 cash per common share made by Total E&P Canada Ltd. (Total) is inadequate and not in the best interest of UTS.
John Watson, the Chairman of the Special Committee, stated that "UTS continues to conduct a thorough process pursuing alternative transactions to generate superior value for UTS shareholders." The process currently involves ongoing discussions with financially credible parties relating to a variety of potential transactions. There is no certainty as to the outcome of such discussions.
It is the recommendation of the Board of Directors that UTS shareholders not tender to the Total Offer which expires April 27, 2009.
- Eni Promises Richer Returns After Exploration Success (Mar 16)
- Exxon, Total, Repsol Among Bidders For Oil Exploration Off Greece (Mar 05)
- Total, Edison Get Greek Go-Ahead For Oil And Gas Exploration (Feb 28)
Company: UTS Energy Corp. more info
- Total E&P Concludes C$1.5B UTS Acquisition (Oct 01)
- UTS Sells Oil Sands Assets to Imperial, ExxonMobil (Nov 03)
- Derrick's Study Shows $20B of O&G Deals Currently on the Market (May 28)
Company: Total E & P Ltd more info
- Petrofac Secures 3-Year North Sea Services Contract Extension (May 19)
- NPD Grants Tullow, Total Drilling Permits Offshore Norway (May 18)
- Total, Wintershall Drill Dry Wells Offshore Norway (Mar 02)