Frontera Energy Corporation (FEC.TO) announced on Tuesday, that GeoPark Limited has declined to exercise its right to match a binding acquisition proposal submitted by Parex Resources Inc. Frontera had previously determined the Parex proposal to be a superior offer compared to its existing transaction with GeoPark.
As a result, the company plans to enter into definitive agreements with Parex and terminate the agreements related to the GeoPark transaction.
The proposed deal will be implemented through a plan of arrangement under the Business Corporations Act. Frontera stated that additional details regarding the Parex offer will be disclosed once definitive agreements between the two companies are finalized.
FEC.TO is currently trading at CAD 12.55, down CAD 0.29 or 2.26 percent on the Toronto Stock Exchange.
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