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Bonterra Energy Corp.'s Board of Directors Unanimously REJECTS Obsidian Energy Ltd.'s Offer and Advises Shareholders to TAKE NO ACTION
Bonterra Energy Corp.'s Board of Directors Unanimously REJECTS Obsidian Energy Ltd.'s Off...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"Bonterra-RejectObsidi\n \n \n \n Bonterra Energy Corp.'s Board of Directors Unanimously REJECTS Obsidian Energy Ltd.'s Offer and Advises Shareholders to TAKE NO ACTION\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 CALGARY, AB, Oct. 6, 2020\n \n \n \n \n \n \n The Hostile Bid is a \"take-under\" bid offered at a discount and does not provide adequate value for Shareholders.\n \n \n \n \n The Hostile Bid's lack of financing plan creates significant Shareholder risk and uncertainty.\n \n \n \n \n In excess of 30% of Bonterra Shareholders have already confirmed they WILL NOT TENDER to the Hostile Bid.\n \n \n \n \n \n For any questions please contact Bonterra's Information Agent, Laurel Hill Advisory Group at\n \n 1-877-452-7184 (+1-416-304-0211 outside\n \n North America\n \n ) or email\n \n [email protected]\n \n .\n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 6, 2020\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") today announced its Board of Directors (the \"Board\") has unanimously determined that Obsidian Energy Ltd.'s (\"Obsidian\") hostile \"take-under\" bid (the \"Hostile Bid\") to acquire Bonterra significantly undervalues the common shares of Bonterra (\"Common Shares\") and is\n \n NOT\n \n in the best interests of Bonterra, the holders of its Common Shares (the \"Shareholders\") or its other stakeholders and recommends Shareholders\n \n REJECT\n \n the Hostile Bid.\n \n \n The Board today filed its Directors' Circular, which provides information for Shareholders about the Board's analysis, deliberations and recommendations pertaining to the Hostile Bid, along with information regarding Bonterra's prospects. The Directors' Circular is available at\n \n www.bonterraenergy.com\n \n and at\n \n www.sedar.com\n \n .\n \n \n Within the Directors' Circular, the Board describes the reasons for its recommendations. Among other considerations, the Board notes:\n \n \n \n The Hostile Bid is a \"take-under\" bid and does not p...