Hostility in the oilpatch: Unsolicited takeovers the new normal in undervalued sector [Financial Post (Toronto, Ontario, Canada)]
Baytex Energy Corp Common Shares (BTE)
Last baytex energy corp common shares earnings: 3/4 06:30 am
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Source: Financial Post
Hostility in the oilpatch: Unsolicited takeovers the new normal in undervalued sector Once a rarity in Calgary’s close-knit oil industry, the growing number of hostile bids could be a signal of M&A deals to come CALGARY — Hostile takeovers were once a rarity in Calgary’s tight-knit oilpatch. But as company valuations have fallen sharply over the past year, Shane Fildes, BMO Capital Markets managing director and head of global energy, has been involved in three such deals in the past year alone. BMO acted as the financial adviser to Velvet Energy Ltd. in its unsolicited $120-million bid for Iron Bridge Resources Inc., and Ensign Energy Services Inc. in its $947-million bid for Trinidad Drilling. BMO also acted as financial adviser to MEG Energy Corp. which successfully resisted Husky Energy Inc.’s $6.4-billion offer. “That is a trend that we don’t often see. It’s not a common transaction structure in energy land. Typically, the market deals with those bid-ask spreads before they get
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BTE
Sec Filings
- 4/22/24 - Form 6-K
- 4/9/24 - Form 6-K
- 4/1/24 - Form 6-K
- BTE's page on the SEC website