Legacy Oil To Snap Up CanEra For $488M

Law360, New York (June 15, 2010, 1:54 PM EDT) -- Looking to increase its average oil production, Canada’s Legacy Oil Plus Gas Inc. has decided to take over Alberta-based private oil company CanEra Resources Inc. in a cash-and-stock transaction worth $487.6 million.

Legacy said Tuesday it planned to pay CA$241 million in cash and issue about 20.5 million Legacy shares to CanEra shareholders in exchange for all outstanding CanEra shares. The value of the deal is based on the company’s stock closing price of CA$12.79 on Monday, according to Reuters.

As part of the acquisition, Legacy...
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