IPC scoops up Granite Oil Corp.
International Petroleum Corporation (IPC) will acquire all of the issued and outstanding common shares of Granite Oil Corp. for cash consideration of $0.95 per share.
A valuation of Granite has been pegged at approximately $79.7 million, including the assumption by IPC of Granite’s net debt and transaction costs.
The cash consideration offered to Granite shareholders represents a 61 per cent premium to the closing price of the shares on January 17 and a 77 per cent premium over the 30-day volume weighted average trading price of the Shares on the TSX up to and including January 17.
The board of directors of Granite back on Dec. 4, 2019 to, among other things, review and evaluate the terms of the unsolicited proposal from IPC, eventually making a recommendation to to accept the offer.