Has submitted an acquisition proposal to the Board of Directors of Frontera Energy Corporation to acquire all of Frontera’s Colombian upstream business in an all-cash offer for consideration of US$500 million, plus the assumption of debt, in addition to a contingent payment of US$25 million with terms that are substantially the same as the existing acquisition agreement previously announced. The Proposal represents a US$125-million premium compared to the existing acquisition agreement. Parex Resources Inc. shares T.PXT are trading up $0.65 at $22.29.
Stocks in play: Parex Resources Inc.
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