Obsidian Energy proposes deal for Bonterra EnergySeekingAlpha.com: All News • over 3 years ago---
- Obsidian Energy (OTCQX:OBELF) makes a formal non-binding business combination proposal
to Bonterra Energy (OTCPK:BNEFF).In a publicly released letter, Obsidian interim
President and CEO Stephen Loukas tells Bonterra Chairman, President and CEO George
Fink that Obsidian is prepared to swap two of its shares for each Bonterra share,
and offers to potentially sweeten the deal if Bonterra can "demonstrate additional
value."Obsidian says it is "prepared to pursue all options" to reach
a deal if Bonterra does not engage in negotiations in the coming days.Obsidian ceased
trading on the NYSE in April while continuing to trade on the Toronto Stock Exchange.