Calgary-based Berkley Petroleum Corp. continues to fend off a C$1.4billion hostile takeover bid by Hunt Oil, announcing Monday that itwill open its data rooms next week to third parties in an attempt tolure a better buyer. Hunt, an independent based in Dallas, saw itsbid rejected last week by Berkley management (see Daily GPI, Jan. 2; Dec. 29,2000).

“The data rooms will be available for access early in the weekof Jan. 8, by interested parties who sign confidentialityagreements,” said Berkley in a statement. It has said it will needat least four months to consider Hunt’s bid and other offers beforemaking a decision.

Under the defensive plan, Berkley said its board will be givenenough time to consider Hunt’s bid as well as generate other bidsand proposals. It also has formed a special committee ofindependent board members who are going to “vigorously pursue allalternatives to maximize value for Berkley’s shareholders.”

Hunt’s unsolicited offer would give the company the 90.4% ofBerkley that it doesn’t already own. As part of the C$10 a shareoffer, Hunt also would assume C$379 million of Berkley debt. In 2000,Hunt acquired Calgary-based Newport Petroleum Corp. for C$489 million(see Daily GPI, May 16, 2000).

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