Bolivar Energy, Anatolia Energy Propose $71M Merger, Combined Firm Looks to E&P in Turkey
Bolivar Energy Corp. (BVR.V) last night announced a $70.7 million plan to merge with privately held Anatolia Energy Inc., forming a new company 71-percent owned by existing Anatolia shareholders and focused on gas and oil exploration and production in Turkey.
The proposed deal also would end Anatolia's bid to enter the public markets through an initial public offering of stock, first announced in July.
Bolivar intends to issue 884 million shares of its stock valued at 8 cents each in exchange for all existing Anatolia stock, which will then be followed by a 20-for-1 consolidation of Bolivar shares. The companies are continuing work on finalizing a definite merger agreement later this month with shareholder votes slated by the end of November.
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