Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/mart-resources-enters-arrangement-agreement-to-be-.shtmlMart Resources enters arrangement agreement to be acquired by Delta Oil
Mart Resources, Inc. has entered into an arrangement agreement with Delta Oil Nigeria B.V.. Under the terms of the Arrangement Agreement, an indirect
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Mart Resources, Inc. has entered into an arrangement agreement with Delta Oil Nigeria B.V.. Under the terms of the Arrangement Agreement, an indirect wholly-owned subsidiary of Delta will acquire all of the issued and outstanding common shares of Mart by way of a plan of arrangement under the Business Corporations Act (Alberta) Each Mart shareholder will receive CAD$0.35 in exchange for each Mart common share held for aggregate consideration of all Mart shares of approximately CAD$124.92 million. At closing, Mart is expected to have approximately US$200.5 million of outstanding bank debt.
The Per Share Consideration represents an 84% premium to the closing price and an 86% premium to the 20 day VWAP price of Mart's common shares on the Toronto Stock Exchange on October 15, 2015.
