UPDATE: Birchcliff Energy Rises Up To 20% as Puts Itself Up For Sale After Receiving Unsolicited Interest
Birchcliff Energy Ltd. (BIR.TO) rose as much as 20% early Monday after announcing that as a result of unsolicited expressions of interest in the company, its board of directors has determined to commence a public sale process, seeking offers to purchase all of the outstanding shares of Birchcliff. "At this time there can be no assurance that this process will result in an acceptable transaction," it said. Birchcliff did not reveal who the suitors are, or how many were interested, but it encouraged shareholders to consider agreeing to sell the company at an "acceptable" price.
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