Petronas Raises Progress Offer To $6B In Bidding War

Law360, New York (July 27, 2012, 4:48 PM EDT) -- Malaysia's state-owned Petroliam Nasional Bhd, also known as Petronas, has upped its bid to pick up Progress Energy Resources Corp., offering about CA$6 billion ($5.9 billion) after a rival made a move for the Canadian shale developer, Progress said Friday.

The bid of CA$22 per common share, plus some additional debentures, trumps Petronas International Corp. Ltd.'s original June offer of CA$5.5 billion or CA$20.45 per share.

“The increase in the consideration resulted from Progress having received an unsolicited proposal from a third party,” Progress said....
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