Latest news with #takeover
Bloomberg
2 hours ago
- Business
- Bloomberg
Waterous' Strathcona Stands By Its Offer for MEG After Rebuttal
Canadian oil tycoon Adam Waterous' Strathcona Resources Ltd. stood by its offer for MEG Energy Corp. after having the $4.1-billion hostile takeover bid rejected by MEG's board. 'Strathcona firmly believes its offer provides a true win-win for MEG and Strathcona shareholders, uniting two heavy oil 'pure plays' into a new Canadian oil champion,' the company said in a statement, adding that it also welcomed a move by MEG's board to sound out alternative suitors.
Yahoo
5 hours ago
- Business
- Yahoo
GMS says board will review QXO takeover proposal of $95.20 per share
GMS Inc. (GMS) confirmed that it has received an 'unsolicited' proposal from QXO, Inc. (QXO) to acquire all outstanding shares of GMS for $95.20 per share in cash. 'Consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, the GMS Board of Directors will carefully review and evaluate the unsolicited proposal to determine the course of action that it believes is in the best interests of the Company and all GMS shareholders,' the company said in a statement. GMS does not intend to comment further on QXO's proposal until the board has completed its review. GMS shareholders do not need to take any action at this time. Jefferies is acting as the company's financial advisor. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on GMS: Disclaimer & DisclosureReport an Issue GMS Inc. Reports Resilient Performance Amid Market Challenges GMS Inc. Earnings Call: Mixed Sentiment Amid Challenges Closing Bell Movers: GMS up 15% on takeover proposal from QXO QXO proposes to acquire GMS Inc. for $95.20 per share in cash GMS Inc. jumps 21% to $98 per share after takeover proposal from QXO Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
10 hours ago
- Business
- Reuters
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
June 20 (Reuters) - Canadian oil and gas producer Strathcona ( opens new tab said on Friday it supports MEG Energy's ( opens new tab decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
Yahoo
10 hours ago
- Business
- Yahoo
Strathcona supports MEG's strategic alternative process after rejected C$6 billion bid
(Reuters) -Canadian oil and gas producer Strathcona said on Friday it supports MEG Energy's decision to initiate a strategic alternatives process and explore potential deals after MEG urged shareholders to reject Strathcona's C$6 billion ($4.38 billion) hostile takeover bid. On Monday, MEG Energy advised shareholders to reject the offer, describing it as inadequate and not in their best interests. The board also launched a strategic review to consider alternatives that could deliver greater value than MEG's current plan to remain a standalone company. Strathcona, which is backed by Calgary-based private equity firm Waterous Energy Fund, said it remains willing to participate in the alternatives process and looks forward to constructive engagement with MEG's board Strathcona said it believes it is the only peer company which would provide meaningful overhead synergies if a deal is reached. Since 2020, Strathcona, has become one of the fastest-growing oil companies in North America through a series of acquisitions. The all-cash-and-stock offer announced by Strathcona in May, would combine two of Canada's largest pure-play thermal oil sands operators and make Strathcona the country's fifth-largest oil producer. ($1 = 1.3691 Canadian dollars)
CBS News
16 hours ago
- CBS News
Police preemptively close Twin Cities park on Juneteenth to thwart "takeover"
The largest playground in Crystal, Minnesota, was deemed off limits on Thursday afternoon because police warned of a planned "takeover" event from hundreds of teens. Officers began clearing all of Becker Park, including the playground, sport courts and picnic tables, beginning at 2 p.m. "It's a worst-case scenario," said Crystal Police Chief Brian Hubbard. "We don't want someone to get hurt or there to be serious damage because of what we believe has the potential to happen, and it's easier to stop that before it starts." Becker Park experienced several takeovers last summer, including on the Fourth of July, which investigators blamed for fights, drug use and looting. "The last one we had where we had to close the park we had 50 young people run to the Target that's a block from here and they basically ransacked the store," Hubbard said. "If we can prevent that massive gathering in the first place, we don't have any danger here or any surrounding areas once we disperse the crowd." Mayor Julie Deshler said she was "heartbroken" by the park's closure. "At some point you have to say to parents, 'Where are your kids? Why is this being allowed to happen? Do you know where your kids are?'" Deshler said. The mayor said the threat of takeovers is not exclusive to Crystal, and she plans to meet with leaders of neighboring cities to discuss ways to keep parks open and keep people safe.
