Arcan investors reject acquisition by PE-backed Aspenleaf Energy
A special meeting of holders of common shares and debentures in Arcan Resources Ltd (TSX-V: ARN) failed to approve the proposed acquisition and recapitalization of the company by Aspenleaf Energy Ltd. As a result, the deal, which has been estimated to value $325 million, has been terminated. Founded in 2013, the Calgary-based Aspenleaf is backed by Canadian energy-focused private equity firm ARC Financial Corp, Ontario Teachers' Pension Plan and other investors. Led by CEO Bryan Gould, it is pursuing an acquisition and exploit strategy in Western Canada focused on light oil and liquids-rich gas opportunities.
20 August 2014•4 mins read
