UPDATE: Daylight Energy Edges Up Again Wednesday, Follows 110% Gain On News It Will Be Bought By China's Sinopec

By Midnight Trader,  October 12, 2011, 10:18:41 AM EDT

Canadian oil and gas explorer Daylight Energy Ltd (DAY.TO) said on Sunday it has agreed to be acquired by China's Sinopec International Petroleum Exploration and Production Corp for about C$2.2 billion.

The deal for Calgary, Alberta-based Daylight is for C$10.08 per share. That is more than double the closing price of Daylight's closing price of C$4.59 on Friday, but the company noted it is only a 43.6 percent premium over the 60-day weighted average trading price.

SIPC is a subsidiary of China Petrochemical Corp and undertakes overseas investments and operations in the upstream oil and gas sector, Daylight said in its release announcing the deal.




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.


This article appears in: Investing, Commodities

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