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Bonterra Energy Corp. Confirms Previous Recommendation for Shareholders to Reject the Hostile Bid
Bonterra Energy Corp. Confirms Previous Recommendation for Shareholders to Reject the Hos...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Confirms Previous Recommendation for Shareholders to Reject the Hostile Bid\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Bonterra shareholders continue to advise the Company they will not tender their shares\n \n \n Amended offer displays lack of success with Hostile Bid\n \n \n Shareholders need to take no action to REJECT the offer\n \n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Jan. 11, 2021\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") today confirms that the Company has carefully reviewed the Notice of Extension, Variation and Change filed by Obsidian Energy Ltd. (\"Obsidian\") for the unsolicited bid  to acquire all of the issued and outstanding common shares of Bonterra in exchange for shares of Obsidian (the \"Hostile Bid\") and continues to strongly recommend that Bonterra shareholders\n \n \n take no action\n \n \n and\n \n \n REJECT\n \n \n the Hostile Bid by\n \n \n NOT TENDERING\n \n \n their shares.\n \n \n Since its launch, Obsidian's Hostile Bid has proven to be unsuccessful, with Bonterra shareholders overwhelmingly advising they will not tender their shares. Rather than acknowledge the views of Bonterra shareholders and withdraw the Hostile Bid, Obsidian has instead chosen to extend the tender date of the Hostile Bid from\n \n January 4\n \n \n th\n \n to\n \n January 25\n \n \n th\n \n , 2021. In addition, Obsidian has reduced the minimum number of outstanding Bonterra shares that must be tendered to complete the Hostile Bid from the customary 66 2/3 percent down to over 50 percent. This change indicates that Obsidian does not expect the higher tender condition can be achieved due to the lack of Bonterra shareholder support of the Hostile Bid.\n \n \n Consistent with the rationale outlined within its Directors' Circular dated\n \n October 5, 2020\n \n , Bonterra's Board has continued to recommend Shareholders REJECT the Hostile Bid.\n \n \n \n Obsidian has not add...