O’Hara Administration Co. says it hired Lazard Asesores Financieros SA to persuade Pacific Rubiales Energy Corp. shareholders to reject a recent takeover bid, and raise financing that could be used for a counteroffer.
“They were hired to work with financial institutions and raise funds for all alternatives, including a topping bid,” O’Hara spokesman Orlando Alvarado said in a telephone interview Wednesday from Panama.
O’Hara and affiliates, the largest shareholders in Pacific with roughly 19.5 percent, say a C$6.50-a-share takeover offer made by Alfa SAB and Harbour Energy Ltd. “significantly undervalues” the Colombia-based oil producer.
Holders of at least two-thirds of Pacific shares must approve the offer at a meeting in July for the deal to go through. Initial talks with other shareholders have been “positive”, Alvarado said, without giving details.
Lazard advisers are working separately from Lazard funds which together manage about 9 percent of Pacific shares, he said.