Equal Energy EQUis pleased to announce that the
Company has entered into a definitive agreement ("Arrangement
Agreement") with Petroflow Energy Corporation and Petroflow Canada
Acquisition Corp. (collectively defined as "Petroflow") for the cash
purchase of all of the issued and outstanding common shares of Equal at
a price of US$5.43 per share, on a fully-diluted basis. The total
transaction value, including net debt and transaction costs, is
approximately US$230 million. The transaction received unanimous
approval by Equal's board of directors and will be completed by way of
a plan of arrangement under the Business Corporations Act (Alberta)
(the "Arrangement").
The US$5.43 per share offered represents a 56% premium to the US$3.49
closing price on March 22, 2013, the trading day prior to the Company's
announcement that it was pursuing a strategic alternatives process. The
consideration is also a 23% premium to the US$4.43 closing price on
November 18, 2013, the trading day prior to Equal's announcement that
the strategic alternatives process successfully resulted in exclusive
negotiations for a proposed transaction.
Equal's board of directors, with input from the Company's advisors and
management team, unanimously determined that
See full press release
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