UPDATE: Companies confirm, see end of story
Find more stories here and here.
In the meantime, the official method for market announcements:
Following this, the share price reacted after Bloomberg published its initial reports:
Never change, guys.
Update at 12:35 pm Eastern Time, 11:35 in Mexico. ALFA has made it official! And someone on Twitter mentions that Pacific also released a statement, although it’s not yet listed on SEDAR or on the company’s website.
Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) declares that it has begun exclusive discussions regarding an offer from ALFA, S.A.B. de C.V. (“ALFA”) and Harbour Energy Ltd. (“Harbour Energy”) to acquire all issued and outstanding common shares in the Company (“Common Shares”) not owned by ALFA for a renegotiated price of C$6.50 per share. This is pending the completion of definitive documents and final board approvals. The Company has formed a Special Committee made up of independent directors and has hired an independent financial advisor to carry out a formal valuation in compliance with Canadian securities laws.
ALFA and Harbour Energy have also completed extensive technical, financial, and legal due diligence. They have agreed with the Company to swiftly work toward finalizing the necessary documentation. This proposed transaction will be subject to various conditions, and there are no guarantees that it will reach completion.
Currently, ALFA holds 59,897,800 Common Shares, accounting for about 18.95% of the total Common Shares issued and outstanding.
Pacific Rubiales, ALFA, and Harbour Energy do not plan to provide further updates except as required by law.
UPDATE2: And then there’s this. Seriously, what the heck?