MFC Industrial – MIL – Announces Mailing Of Offer And Take-Over Bid To Shareholders Of Compton Petroleum Corporation
MFC Industrial Ltd. (NYSE: MIL) announces that it has mailed to the shareholders of Compton Petroleum Corporation its offer and take-over bid circular in connection with its previously announced friendly offer for all of the outstanding common shares of Compton. Pursuant to the Offer, MFC and an indirect wholly-owned subsidiary are offering to acquire all of the outstanding Compton Shares for cash consideration of $1.25 per Compton Share.
The Offer will be open for acceptance until 5:00 p.m., Vancouver Time, on August 16, 2012, unless extended or withdrawn by MFC.
The board of directors of Compton has prepared and is mailing a directors’ circular (the “Directors’ Circular”), unanimously recommending that Compton shareholders accept the Offer and tender their Compton Shares thereunder. In addition, all of Compton’s directors and officers have indicated that they intend to tender their Common Shares to the MFC Offer.
The Offer is subject to customary conditions, including, among others, there being deposited (and not withdrawn) under the Offer that number of Compton Shares which, together with the Compton Shares and special warrants, if any, held by MFC, represent at least 66.67% of the outstanding Compton Shares on a fully-diluted basis, receipt of requisite regulatory and contractual consents, and the absence of a material adverse change with respect to Compton.
About MFC Industrial Ltd. – MIL
MFC (MIL) is a global commodities supply chain company, which sources and delivers commodities and materials to clients, with a special expertise on the financing and risk management aspects of the business.
MFC Industrial Ltd., (MIL) formerly Terra Nova Royalty Corp., is a global commodity supply chain company that sources and delivers commodities and materials to clients all over the world. The Company is engaged in the financing and risk management aspect of the business. MIL operates in three segments: commodities and resources, which includes its commodities activities and mineral interests; merchant banking, which includes structured solutions, logistics and financial services and investing activities, and other, which encompasses its corporate and other investments and business interests, including its medical supplies and servicing business. In December 2011, the Company acquired Pea Ridge Iron Ore Mine in Missouri, the Unites States of America.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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