Obsidian Energy has ended its hostile takeover attempt for Bonterra Energy Corp.
The company allowed its offer to buy Bonterra to expire on Monday.
Obsidian interim CEO Stephen Loukas said the economic environment has changed substantially since the company launched its offer last year.
Get breaking National news
Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Loukas said combining at the proposed exchange ratio is no longer in the best interests of Obsidian Energy or its shareholders.
- Family of Penticton’s Taig Savage says it has given up on justice after manslaughter plea
- Surface Green Line LRT route in downtown Calgary endorsed by city committee
- Extremely rare Woolly Dog pelt back in B.C. after more than 160 years
- ‘A lot of work ahead’: Storm-ravaged Saskatchewan cities continue cleanup
Obsidian had offered two of its shares for each Bonterra share.
Bonterra had repeatedly recommended shareholders reject the bid.
Comments
Want to discuss? Please read our Commenting Policy first.