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BC Court Approves Pacific Rubiales' Acquisition of PetroMagdalena Energy

PetroMagdalena Energy Corp. (PMD.V) said the Supreme Court of British Columbia has approved a plan of arrangement that will see Pacific Rubiales Energy Corp. (PRE.TO) acquire the company.

Under the arrangement, shareholders of PetroMagdalena will receive C$1.60 in cash for each outstanding share. In addition, holders of all of the outstanding PetroMagdalena warrants will receive C$0.25 in cash for each unexercised Warrant held at closing.

Closing of the deal is expected at the end of this week.

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

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