Caiman Valores • 33 Comments
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Wed, Apr. 6, 3:39 PM
- Pacific Exploration & Production (OTCPK:PEGFF +3.4%) co-chairmen Serafino Iacono and Miguel de la Campa are close to clinching a deal to take over the company after outbidding rivals, Bloomberg reports.
- A bid by the co-chairmen is backed by Canadian P-E firm Catalyst Capital Group, which is expected to provide ~$500M in funds secured against the company’s assets, according to the report.
- Pacific failed to make bond interest payments in January and March, and has struggled after deals in recent years ballooned its debt before oil prices plunged.
- Now read Bloomberg: Pacifc E&P shareholders would lose all under chairmen's bid
Jul. 8, 2015, 7:36 PM
- Grupo Alfa and Harbour Energy abandon their plans to buy Pacific Rubiales Energy (OTCPK:PEGFF) after the driller’s largest shareholder resisted their $1.7B takeover offer.
- Rubiales says it agreed to the companies’ request to drop the bid and would have “no further material obligations” to its former suitors, although efforts to pursue energy opportunities in Mexico with Alfa as a partner will continue.
- The O’Hara shareholder group that controls nearly 20% of Rubiales had attacked the C$6.50/share offer as too low.
Jun. 29, 2015, 5:42 PM
- Pacific Rubiales Energy (OTCPK:PEGFF) fell today to its lowest level since the company agreed to be acquired after RBC Capital urged investors to sell the shares before shareholders vote on July 7 whether to approve the deal.
- While the growing gap between the C$6.50/share offer and the current sub-$5 price shows investors are increasingly skeptical the deal will go through, Rubiales said in a letter to shareholders earlier today that the purchase price values the company fairly.
- "Should Pacific Rubiales have to continue as an independent entity, the company would face considerable near-term challenges," RBC's Nathan Piper writes. "Investors are likely to ask whether a management team that unanimously voted in favor of the deal is the correct group to face those challenges."
Jun. 26, 2015, 8:55 AM
- Grupo Alfa and Harbour Energy say they will not sweeten their bid for Pacific Rubiales Energy (OTCPK:PEGFF), and defended their C$6.50/share cash bid after proxy advisory firm ISS recommended shareholders reject the proposed deal when they vote July 7.
- "The offer is full, fair and final, Alfa and Harbour say, adding they “do not intend to increase the consideration offered under the arrangement.”
- The ISS recommendation was a victory for minority shareholder group O’Hara, which opposes the C$2B offer.
- The bidding companies note that no counteroffer has been made for Rubiales, including from O’Hara, and that creditors holding more than $5B in debt overwhelmingly approve of the deal.
Jun. 19, 2015, 5:57 PM
- Pacific Rubiales Energy's (OTCPK:PEGFF) largest group of shareholders has launched a proxy fight to block the ~C$2B takeover of the company by Grupo Alfa and Harbour Energy.
- The O'Hara Group, speaking for a group of shareholders holding ~20% of Rubiales shares, says it has filed a proxy circular and letter urging other minority investors to vote against the deal but that it is not yet attempting to unseat the company's board.
- Rubiales sats it will seek to disqualify ~21.3M shares, or 6.7% of all common shares, held by O'Hara, on the basis that they were acquired in "contravention of applicable Canadian securities laws."
- Rubiales also notes that no other bidders have come forward to counter the pending C$6.50/share offer from Alfa and Harbour Energy.
May 21, 2015, 7:41 AM
- Pacific Rubiales Energy (OTCPK:PEGFF) confirms it has agreed to the C$6.50/share (US$5.30) cash offer from Mexico’s Alfa and investment firm Harbor Energy.
- The price represents a 39% premium to the closing price on May 4, which was the day Alfa and Harbor announced they had started buyout discussions.
- The deal values the company at ~C$2.1B (US$1.7B).
- A group of Venezuelan investors opposed to the deal say they may continue to buy up more shares in addition to the 19.5% stake they already own.
May 20, 2015, 8:19 AM
- Pacific Rubiales Energy (OTCPK:PEGFF) is set to be acquired by Grupo Alfa and Harbour Energy for C$6.50/share, or $6.5B, including $4.8B of debt, in an all-cash deal that could be announced as early as tomorrow, Financial Times reports.
- A deal, rumored for weeks, would mark the largest buyout of a Latin American energy company since a KKR-led consortium bought energy company Samson Resources for $7.2B in 2011.
- A group of Venezuelan investors known as the O’Hara Administration is threatening to buy additional Rubiales shares to block the bid.
May 5, 2015, 7:17 PM
- Pacific Rubiales Energy (OTCPK:PEGFF) has received a takeover offer by its biggest shareholder that values it at ~$6B including debt, Bloomberg reports.
- Mexican conglomerate Alfa and Harbour Energy are said to have made an all-cash offer that values Rubiales at ~C$6/share.
- Alfa’s interest in the company has been speculated ever since it disclosed a stake last year, which it built to 19% in October, just below the 20% threshold that would require a company to start a takeover bid in most cases under Canadian securities law.
Sep. 30, 2013, 8:49 AM
- Pacific Rubiales Energy (PEGFF.PK) agrees to acquire Colombian oil producer and explorer Petrominerales (PMGLF.PK) in a deal totaling $1.6B, including the assumption of ~$640M in net debt.
- The transaction includes 18 exploration and development properties in Colombia and four blocks in Peru, covering a total of nearly 40K gross sq. km and producing ~19M bbl/day of net oil in H1 2013.
Jun. 17, 2013, 10:59 AM
A 50% cut in Petrominerales' (PMGLF.PK) market value has left its equity and net debt valued at the cheapest multiple to profit among any oil and gas explorer in the world with a market value higher than $250M, according to Bloomberg, which speculates its reserves, estimated at 40M-plus barrels of mostly high-quality light oil, could attract suitors such as Enbridge (ENB), TransCanada (TRP) or Pacific Rubiales (PEGFF.PK).| Jun. 17, 2013, 10:59 AM | 3 Comments
Nov. 19, 2012, 2:53 PM
Pacific Rubiales Energy (PEGFF.PK) agrees to acquire C&C Energia (CNCEF.PK) in a deal valued at ~$500M to strengthen its presence in Colombia. The deal will give Pacific Rubiales access to the Cravoviejo, Cachicamo, Llanos 19 and Pajaro Pinto blocks in the prolific Llanos basin, the most important heavy oil basin in the country.| Nov. 19, 2012, 2:53 PM