Anderson Exploration (Anderson) announced on May 17, 2000 that it had successfully completed its white knight takeover offer to purchase all of the outstanding common shares and associated rights of Ulster Petroleum (Ulster). The bid price on the offer was $11.00 in cash and 0.09655 of an Anderson common share. The total consideration paid by Anderson for all of the Ulster shares is estimated to be $542 million in cash and approximately 4.8 million Anderson common shares and will be financed utilizing a new $900 million syndicated credit facility arranged through a Canadian chartered bank.
Bennett Jones acted for Anderson on the deal with a team that included Martin Lambert, Renée Ratke, Brad Markel and Timothy Robson. Burnet, Duckworth & Palmer acted for Ulster on the deal with a team led by Chris von Vegesack and Grant Zawalsky.