Denver-based Forest Oil Corp. said Monday it will market its Texas Panhandle oil and gas assets after having received unsolicited interest in the properties. A deal could garner $1 billion or more and would be “transformative” for the company, one analyst said.
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Eagle Ford Offer from One Aussie to Another
Australia’s Aurora Oil and Gas Ltd. has made an A$107 (US$111.7 million) unsolicited offer for Eagle Ford Shale-focused Eureka Energy Ltd., which said Monday it is considering the proposal.
Southern Union Agrees to Negotiate Tie-Up with Williams
Williams said Tuesday it hopes to complete negotiations quickly after Southern Union Co. agreed to consider its unsolicited takeover offer.
NRG, Exelon Battle for Hearts, Minds and Shareholders
With its board recommending that shareholders reject the unsolicited Exelon Corp. offer and proposed expansion of its board, Princeton, NJ-based NRG Energy Inc. has mailed proxy materials to shareholders for its July 21 annual meeting. Exelon, based in Chicago, responded less than a day later with a proxy mailing of its own.
ConocoPhillips Urges Shareholders to Reject Unsolicited Offer
ConocoPhillips on Friday was warning its shareholders to steer clear of an unsolicited “mini-tender offer” by TRC Capital Corp. to purchase up to 1.5 million shares, or approximately 0.09%, of ConocoPhillips’ outstanding common stock.
Spectra Urges Shareholders to Reject TRC Capital’s Mini-Tender Offer
Houston-based Spectra Energy Corp. urged stockholders last week not to accept an unsolicited “mini-tender offer” from TRC Capital Corp. Spectra Energy, which is a North American pure play natural gas midstream company, said it was informed of the offer to purchase up to 3 million shares of Spectra Energy’s common stock, representing less than one-half of 1% of its outstanding shares. TRC Capital’s offer price of $25.00/share is 2.53% below Spectra Energy’s closing share price of $25.65 on Feb. 20, the day prior to the date of the offer, and 4.07% below last Monday’s closing share price of $26.06.
Spectra Urges Shareholders to Reject TRC Capital’s Mini-Tender Offer
Houston-based Spectra Energy Corp. urged stockholders late Tuesday not to accept an unsolicited “mini-tender offer” from TRC Capital Corp. Spectra Energy, which is a North American pure play natural gas midstream company, said it was informed of the offer to purchase up to 3 million shares of Spectra Energy’s common stock, representing less than one-half of 1% of its outstanding shares. TRC Capital’s offer price of $25.00/share is 2.53% below Spectra Energy’s closing share price of $25.65 on Feb. 20, the day prior to the date of the offer, and 4.07% below Monday’s closing share price of $26.06.
Energy Partners Rejects Woodside, Instates Poison Pill
New Orleans-based Energy Partners Ltd. (EPL) Thursday rejected an $883 million unsolicited bid from Woodside Petroleum Ltd. subsidiary ATS Inc. Energy Partners said the $23/share cash offer was inadequate and opportunistic. The company recommended shareholders not tender their shares and adopted a shareholder rights plan, or poison pill, to thwart Woodside’s advance.
Energy Partners to Woodside/ATS: No, Thanks
New Orleans-based Energy Partners Ltd. (EPL) Thursday rejected an $883 million unsolicited bid from Woodside Petroleum Ltd. subsidiary ATS Inc. Energy Partners said the $23/share cash offer was inadequate and opportunistic. The company recommended shareholders not tender their shares.
Woodside Bids for Energy Partners, Not Stone
Australian-based producer Woodside Exploration Ltd. formally launched an unsolicited bid for Energy Partners Ltd. (EPL) on Thursday, offering $880 million for the New Orleans-based producer. Woodside offered $23 for each outstanding share of EPL, contingent on EPL not completing its pending $1.4 billion merger with Stone Energy Corp. (see Daily GPI, Aug. 29).