Deals
China's Geo-Jade to Purchase Bankers Petroleum For C$575 Million
- Purchase price almost double Bankers' closing price Friday
- Bankers says it's largest foreign investor in Albania
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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.