Business
Shell Canada Limited receives proposal from Royal Dutch Shell plc
Shell Canada Limited receives proposal from Royal Dutch Shell plc.
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[{"type":"text","content":"\n\n\n\n\nCALGARY, Oct. 23 /CNW/ - Shell Canada Limited confirmed that it has\nreceived a proposal from Royal Dutch Shell plc to make an offer for all of the\ncommon shares of Shell Canada not already owned by Royal Dutch Shell for\nconsideration consisting of CDN$40 cash per common share, subject to a number\nof terms and conditions. A formal offer has not yet been made to shareholders.\nRoyal Dutch Shell has reserved the right not to proceed with making a formal\noffer if it is unable to obtain a favorable recommendation from the Shell\nCanada Board of Directors.\nClive Mather, President and CEO of Shell Canada Limited said, \"A meeting\nof the Board of Directors of Shell Canada has been held to acknowledge the\nproposal and deal with matters appropriately.\" Mr. Mather added, \"The Board\nhas appointed a Special Committee of independent directors to consider the\nproposal from Royal Dutch Shell and to make a recommendation to the Board with\nrespect to the proposal. The Special Committee has appointed Ogilvy Renault\nLLP as its legal advisor and CIBC World Markets Inc. as its financial advisor.\nIn accordance with Canadian securities laws, the Special Committee will\nsupervise the preparation by CIBC World Markets Inc. of a formal valuation of\nthe common shares of Shell Canada. The valuation process would be expected to\ntake a number of weeks at a minimum. Shareholders are reminded that there can\nbe no assurance that an agreement or favorable recommendation will result or\nthat a formal offer will be made by Royal Dutch Shell. In the meantime, it\nwill be business as usual for Shell Canada with respect to our operations and\nprogress with our projects.\"\n\nCautionary Note\n\nThis document contains \"forward-looking statements\" regarding Royal Dutch\nShell plc's offer to purchase all of the common shares of Shell Canada Limited\nnot already owned by Royal Dutch Shell, including statements regarding the\nterms and conditions of the offer. Readers are cautioned not to place undue\nreliance on forward-looking statements. Actual results and developments may\ndiffer materially from those contemplated by these statements depending on,\namong others, the risks that Royal Dutch Shell plc will not proceed with a\nformal offer, its offer will be unsuccessful for any reason, and it will not\nbe able to obtain the required approvals ...