Montney-focused Iron Bridge Resources has agreed a takeover by fellow Canadian player Velvet Energy after the rival agreed to sweeten its offer to shareholders, writes Caroline Evans.
Velvet raised its offer for outstanding shares of Iron Bridge from the original 75 Canadian cents to 84.5 Canadian cents each, for total cash consideration of C$142 million (US$108 million).
Iron Bridge threw its support behind the new offer with 35% of stockholders, including the board and all of the company’s directors, agreeing to tender their common shares.
