Connacher Rejects Unsolicited Buy-Out Bid; Board Says Offer 'Not Compelling'
Connacher Oil and Gas Ltd (CLL.TO) this morning said board members of exploration and production company have decided "not to pursue (a) unsolicited, non-binding and conditional proposal received from a third party to acquire all of the outstanding shares of the company."
According to the company, the Board determined that the proposal from the unnamed suitor, announced Dec. 8, was not compelling.
Connacher shares have more than doubled since late November, topping out at $1.00 each during Friday's session after sliding to 33 cents as recently as Nov. 25.
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