Compton Announces Extension of MFC Take-Over Bid Offer

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Compton Petroleum Corporation (CMT.TO) announced that MFC Industrial Ltd. has extended the expiry time of its take-over bid offer for all of Compton's outstanding shares for cash consideration of $1.25 per Common Share to 5:00 p.m. ( PDT ) on August 27, 2012.

As at the date hereof, approximately 24.1 million Compton Shares have been deposited to the Offer, representing approximately 91.3% of the currently outstanding Compton Shares. This satisfies the 66.67% minimum tender requirement of the Offer.

The Offer has been extended as Compton and MFC are awaiting certain regulatory and other approvals, consents and documentation that are required to complete the transaction. Compton and MFC expect to receive these items before the new expiry time of the Offer. Compton's board of directors has unanimously recommended to shareholders that they accept the Offer and tender their Common Shares thereunder as it is the Board's determination that the Offer is in the best interests of Compton and its shareholders.


MFC has announced, in a separate release, that it has received an advance ruling certificate from Canada's Commissioner of Competition, confirming that the Commissioner will not oppose the Offer under section 92 of the Competition Act (Canada).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.



This article appears in: Investing , Commodities

Referenced Stocks: PDT

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