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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 7 pages

Country: Canada

Sector: Exploration and Production (Energy)
Whitecap Resources to Acquire Midway Energy for $550 Million - Whitecap Expands its Light Oil Business in Cardium Play by Acquiring Midway - Deal Analysis from GlobalData

Summary

Whitecap Resources Inc. (Whitecap), a company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids, agreed to acquire all the issued and outstanding common shares of Midway Energy Ltd. (Midway), an oil and gas company, for a purchase consideration of approximately CAD550.3m ($549.74m), including the assumption of net debt of CAD100.8m ($100.7m).

The offer price of CAD4.85 ($4.85) per share represents a 12.8% premium on the closing market price of Midway’s common shares on February 27, 2012 and a 22.3% premium on the volume weighted average trading price of Midway’s common shares for the 10 trading days ending February 27, 2012.

Under the terms of the transaction, Midway shareholders shall have the choice of receiving, for each Midway common share held: CAD4.85 ($4.85) cash, 0.4802 of a Whitecap common share, or a combination of cash and Whitecap shares. The company will pay Midway shareholders approximately CAD111.2m ($111.09m) in cash and issue approximately 33.5 million Whitecap shares. Holders of Midway warrants that are exercisable at an exercise price of $4 per Midway common share will receive CAD0.85 ($0.85) in cash for each Midway warrant held.

National Bank Financial Inc. and GMP Securities L.P. are acting as financial advisors, whereas Macquarie Capital Markets Canada Ltd. is acting as strategic advisor to Whitecap in the transaction.

Scope

- Rationale behind Whitecap acquiring Midway
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Canada

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures undertaken by Whitecap and reason for acquiring Maidway.
- Plan project locations and project types to capitalize on the growing E&P market
- Identify the most suitable region to invest in new E&P assets

Keywords

Whitecap, Midway, Light Oil, Cardium Play, Pembina, Alberta
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