Pacific Rubiales said on Monday it had entered an arrangement with the South America-focused player to acquire all of its outstanding common shares for a cash payment of C$11 per share - a 56% premium to Petrominerales' average 20-day share price.
Under the agreement, Petrominerales shareholders will also receive one common share of a newly formed company that will consist of Petrominerales’ Brazilian exploration assets and C$100 million in cash.
Pacific
