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U.S. insurers to foot $257M for Tusk


Published Feb 11, 2009
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Talisman Energy drills another 'Boomer' in Northeastern British Columbia-Spotlight
courtesy Talisman Energy

Calgary’s Tusk Energy Corp. said it will be bought up for $257 million in cash an debt by U.S.-based Teachers Insurance and Annuity Association in a friendly takeover bid.

Tusk said Teachers’ Canadian busines Polar Star Oil & Gas will pay $2.15 for each share.

The insurer and pension fund will pay $194.4 in cash for the Canuck producer. Key Tusk shareholders and its board have said yes to the deal.

The New York life insurer Teachers gains Tusk’s natural gas development in northeastern British Columbia, by the border of oil province Alberta. Tusk also has gas and condensate holdings in northern Alberta’s Peace River Arch.

Tags: Tusk Energy Corp.



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