PE-backed Velvet Energy looks to buy Iron Bridge for $120 mln
Velvet Energy Ltd has begun an offer to acquire all of the issued and outstanding common shares of Iron Bridge Resources Inc (TSX: IBR), a Calgary-based junior oil and gas company focused on a Montney Oil play in Western Canada. Velvet proposes to pay $0.75 per share, valuing Iron Bridge at about $120 million. Velvet, a Calgary-based oil and gas exploration and development company, said Iron Bridge's board and management have refused to engage in discussions about the all-cash offer, compelling Velvet to appeal directly to shareholders. Velvet is backed by Warburg Pincus, Trilantic Capital Partners, 1901 Partners Management and Canada Pension Plan Investment Board.
22 May 2018•7 mins read
