1st Jun 2016 07:26
LONDON (Alliance News) - Bankers Petroleum Ltd Wednesday said its shareholders have supported the proposed takeover of the company by Chinese oil and gas group Geo-Jade Petroleum Corp, with over 97% voting in favour of the deal on Tuesday.
Two companies that are affiliates of Geo-Jade Petroleum Corp originally made an offer to take over Bankers back in April in a deal that valued Bankers at around CAD575.4 million, which roughly equates to around GBP304.0 million.
The offer that has been made is CAD2.20 per Bankers Petroleum share, which at the time was a 98% premium to Bankers' closing share price on the Toronto Stock Exchange on the last trading day prior to the offer being made.
Bankers Petroleum shares would be delisted from both the London Stock Exchange and the Toronto Stock Exchange should the deal go ahead.
Bankers now needs to secure regulatory approval pursuant to the Investment Canada Act and the Chinese State Administration of Foreign Exchange. Bankers said the approval from Canada is being reviewed until June 27, meaning the deal will close in "late June or early July".
Bankers has already secured regulatory approval from the Albanian Competition Authority, the Chinese National Development and Reform Commission and the Ministry of Commerce of the People's Republic of China through the Shanghai Free Trade Zone Management Committee.
Bankers shares were untraded on Wednesday morning, last traded at 109.50 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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