* Bid could derail Pinecrest Energy's planned takeover
* Bonterra offers about C$441 million
* Unsolicited bid values Spartan at C$4.96 a share
* Spartan shares up 3 pct at C$4.88
TORONTO, Dec 11 Bonterra Energy Corp
said on Tuesday it offered about C$441 million ($447 million) to
buy Spartan Oil Corp, a move that could derail
Pinecrest Energy Inc's planned takeover of Spartan.
Calgary-based Bonterra said its proposed deal would offer
strong strategic value to shareholders of both companies, as the
combined company would have one of the premier light-oil assets
around the Pembina region in the western Canadian province of
Bonterra is offering shareholders in Spartan 0.1169 of a
Bonterra share for each Spartan share held. Based on Spartan's
closing price on Monday, the unsolicited bid values the company
at C$4.96 a share or C$441.4 million.
"While negotiations are ongoing, a binding agreement has not
yet been signed. Therefore there can be no assurance that any
transaction will result from these discussions," Bonterra said
in a statement.
Pinecrest agreed last month to acquire Spartan in a bid to
raise its output from reserves in Alberta and Saskatchewan. The
bid is currently worth about C$4.44 or C$394.4 million.
Spartan, which on Monday disclosed that it had received an
unsolicited bid from an unnamed buyer, has said its board plans
to review the unsolicited offer in consultation with its legal,
financial and strategic advisers.
Shares in Spartan were up 3 percent at C$4.88 in heavy
trading on the Toronto Stock Exchange on Tuesday afternoon.
Bonterra share were down 1 Canadian cent at C$42.45.
Bonterra said the proposed deal would give shareholders in
Spartan the opportunity to own equity in an established
dividend-paying company. Spartan shareholders would own about 35
percent of Bonterra, if the proposed deal succeeds.
Bonterra said the combination of the two companies would
create one of the dominant light oil producers in the Pembina
area with a strong asset position of low-risk development
If the deal goes through, Bonterra has committed to boosting
its monthly dividend to 28 Canadian cents a share from 26
Canadian cents a share, beginning in March 2013.