Mon, Mar. 21, 10:53 AM
- Bankers Petroleum (OTCPK:BNKJF +67.5%) receives a friendly takeover offer from affiliates of China-based Geo-Jade Petroleum that values the company at $575M.
- Bankers President and CEO David French says the deal would provide the company with resources to accelerate activity in Albania and provide its shareholders with a premium price compared with recent stock values; the offer is worth $2.20/share in cash, nearly double Friday's $1.11 closing price in Toronto.
- Under the proposal, Bankers would maintain a corporate and technical HQ in Calgary and operational offices in Albania, Hungary and Romania.