Ember Resources Upps Anty in Fight for Cordero Resources

Ember Resources Inc's (EBRRF.PK) upped the ante in the fight for Cordero Resources Inc. (CDEYF.PK) last week and based on Cordero's rising share price Monday morning, it may have gained the upper hand.

Last Thursday night, Ember said it would pay C$5.35 per share for Cordero based on Ember's five day average share price. Cordero shareholders can tender to cash up to a maximum of C$55-million or for stock. For each Cordero share, investors would receive 2.61 Ember shares.

The new offer represent a 12% premium over Enmax's 100% cash offer of C$4.75 per share, and could tip the scales in Ember's favor.

Blackmont analyst Menno Hulshof said:

Ember's proposal is a better fit for Cordero given operational synergies. Their core areas are in close proximity and both have meaningful Horseshoe Canyon production with additional upside potential in their undeveloped Mannville assets.