to email us. Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. Image: Bonterra. CALGARY — Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. and lowering the minimum tender condition for its bid. About Bonterra. Offer to purchase Bonterra extended to January 25, 2021; Minimum tender condition lowered to 50% of Bonterra Energy Corp.'s outstanding shares; Improved valuation following Obsidian Energy … CALGARY - Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. The offer of two Obsidian shares for each Bonterra share tendered also has been extended to Jan. 25 from an earlier deadline of Jan. 4. Bonterra Energy (OTCPK:BNEFF) rejects Obsidian Energy's (OTCQX:OBELF) takeover bid, saying the offer is not in the best interests of the company.Bonterra says Obsidian's hostile bid is … Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Comments on this story are moderated according to our Submission Guidelines. The company says it has lowered the minimum tender condition to 50 per cent. The Bonterra board says the offer is not in the best interests of the company and urged shareholders to reject the proposal. CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. It had earlier required two-thirds of Bonterra’s outstanding shares. "Since we made our original offer, industry consolidation has accelerated over the past few months as boards seize opportunities to build increased scale, efficiency and resilience," said Stephen Loukas, Obsidian's interim CEO, in a … Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. 's top doctor limits staff increases at five industrial worksites. Bonterra, however, says those cost savings are “uncertain,'' adding Obsidian has not achieved lender consent for the deal and would bring higher oilfield retirement obligations to a merged company. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Box 500 Station A Toronto, ON Canada, M5W 1E6. Click here CALGARY — Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover… New course charts ESG fundamentals for oil and gas producers. © Glacier RIG Ltd., all rights reserved. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. Pseudonyms will no longer be permitted. Obsidian has offered two of its shares for each share of Bonterra. Updated Dec 22, 2020 5:35 PM CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by Calgary oil and gas rival Obsidian Energy Ltd. after the latter extended its share tender deadline on Monday. A hostile takeover offer by Obsidian Energy Ltd. launched by making public a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, energy industry analysts say. CALGARY — Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. The target company says in a news release the extension to Jan. 25 from Jan. 4 shows how unsuccessful the offer to issue two Obsidian shares for each Bonterra share has been since it was proposed in August. CALGARY — Bonterra Energy Corp. says its board of directors has unanimously rejected a takeover offer by rival Obsidian Energy Ltd. "Since we … CALGARY – Obsidian Energy Ltd. says shareholders have voted to approve its proposal to issue up to 72.3 million shares to buy Bonterra Energy Corp. in a hostile takeover. Audience Relations, CBC P.O. CBC's Journalistic Standards and Practices. Please note that CBC does not endorse the opinions expressed in comments. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. But it added in a report the deal has "almost no practical likelihood of being successful" because of opposition by the Bonterra board and from more than 30 per cent of Bonterra shareholders. The Bonterra board says the offer is not in the best interests of the company and urged shareholders to reject the proposal. The minimum tender condition has been lowered to 50 per cent from two-thirds of Bonterra's outstanding shares, Obsidian said. CALGARY -- Bonterra Energy Corp. says a hostile buyout offer by Calgary-based rival Obsidian Energy Ltd. is more of a "take-under" than takeover bid because it's out of step with its market value. 1 min read CALGARY — Bonterra Energy Corp. says it remains steadfastly opposed to a hostile takeover bid by … Bonterra shares were at $1.74 in early afternoon trading Monday on the Toronto Stock Exchange, while Obsidian shares were at 83 cents. Together, we can make a stronger entity that can make meaningful improvements to cash flow and inroads to lower debt levels, which we believe has a clear path to a higher share price.". Obsidian has offered two of its shares for each share of Bonterra. CALGARY — Obsidian Energy Ltd. extended its hostile takeover bid for rival Bonterra Energy Corp. on Monday and lowered its minimum tender condition. 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