UPDATE: Daylight Energy Up 110% In Early Minutes Tuesday On News It Will Be Bought By China's Sinopec
Canadian oil and gas explorer Daylight Energy Ltd (DAY.TO) said on Sunday it has agreed to be acquired by China's Sinopec International Petroleum Exploration and Production Corp for about C$2.2 billion.
The deal for Calgary, Alberta-based Daylight is for C$10.08 per share. That is more than double the closing price of Daylight's closing price of C$4.59 on Friday, but the company noted it is only a 43.6 percent premium over the 60-day weighted average trading price.
SIPC is a subsidiary of China Petrochemical Corp and undertakes overseas investments and operations in the upstream oil and gas sector, Daylight said in its release announcing the deal.
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