Equal Energy Ltd. (EQU.TO, EQU), which gained 8.5% and hit new year highs Monday, confirmed that it is aware of a public announcement by Montclair Energy, LLC with respect to its prior unsolicited and conditional proposal dated February 27, 2013 to acquire all of the common shares of Equal. It has formed a special committee of independent directors to investigate and evaluate all proposals.
It said: "In response to Equal's receipt of the afore-mentioned Proposal and a number of verbal non-binding and conditional expressions of interest for a potential transaction, the board of directors of Equal formed a special committee of independent directors in early March to investigate and evaluate all proposals presented to Equal. Global Hunter Securities, LLC and Scotia Waterous Inc. were engaged as financial advisors to assist the Special Committee. The Special Committee, with the assistance of its financial and legal advisors, intends to consider such expressions of interest in a deliberate and thoughtful manner with a view to the best interests of Equal before undertaking any specific course of conduct. Equal did not intend to disclose, nor will it disclose further, developments with respect to the process being undertaken by the Special Committee unless and until the board of directors has approved a definitive transaction."
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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.
