Saturn Oil & Gas Launches Bid to Acquire Burgess Creek Exploration
Saturn Oil & Gas (SOIL.TO) launched an offer to acquire Burgess Creek Exploration, a privately held oil and gas exploration and production company with operations in Saskatchewan and Manitoba.Consideration comprises C$116 million, less the sum of Burgess Creek's net debt amount as well as transaction and termination costs, according to a Friday filing.Burgess Creek shareholders are expected to receive C$0.89 to C$0.91 per share held for each share tendered to the offer, which will be open for acceptance until 5 pm Calgary time on July 24, unless extended or withdrawn by Saturn.Burgess Creek's board unanimously recommended that shareholders tender their shares to the offer, noting that directors, officers and certain other shareholders owning a 77.94% stake in the company have agreed to tender their shares.
