Arcan Resources agrees to new acquisition bid by PE-backed Aspenleaf
Arcan Resources Ltd (TSX-V: ARN) has agreed to be acquired by Aspenleaf Energy Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp and Ontario Teachers’ Pension Plan. The deal, which will see Aspenleaf pay $0.11 per share in cash for the business, follows Arcan's rejection of a July 2014 offer that had an estimated value of $325 million. Arcan said the new agreement "offers attractive value" based on "the current commodity price environment" and the options available to the company. Headquartered in Calgary, Arcan is focused on the exploration, development and acquisition of petroleum and natural gas in the Western Canadian Sedimentary Basin.
22 April 2015•6 mins read
