• Purchase price almost double Bankers' closing price Friday
  • Bankers says it's largest foreign investor in Albania

Geo-Jade Petroleum Corp. through its affiliates agreed to buy Bankers Petroleum in a transaction worth C$575 million ($441 million), almost double the value of the Canadian oil producer’s closing price on Friday.

Geo-Jade Canadian affiliates made an all-cash offer of C$2.20 for each share Bankers Petroleum, the Canadian company said in a statement Sunday. The deal, supported by Bankers Petroleum’s board and management, is subject to regulatory and shareholder approvals. Bankers Petroleum closed at C$1.11 on Friday in Toronto.

“The proposed transaction provides Bankers with the opportunity to return value to our shareholders at a significant premium to the current market valuation,” Bankers Petroleum Chief Executive Officer David French said in the statement.

Bankers Petroleum drills for oil in Albania, where it’s the largest foreign direct investor, according to its website. The Calgary-based company has production in Albania of about 20,000 barrels per day. Following the takeover, the company’s shares will be delisted, it said in the statement.

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