On May 15, 2000, Dallas-based Hunt Oil Company made a friendly cash-and-debt offer for mid-sized Canadian natural gas company Newport Petroleum Corp. (Newport), valued at approximately $760 million, only two weeks after bowing out of a hostile $776 million bid for Ulster Petroleum after Calgary-based Anderson Exploration Ltd. put in a 19 per cent sweeter bid. The proposed transaction includes an offer of $5.50 cash per Newport share and assumed Newport debt of approximately $271 million. Newport directors have unanimously endorsed the takeover bid, which is conditional on 67 per cent of Newport shares being tendered.
Hunt was represented on the bid by Bennett Jones with a team that included Martin Lambert, Vance Milligan and Michael Boehm on corporate and securities matters and Bob Rooney on energy and commercial matters. Newport was represented by Blake, Cassels & Graydon LLP led by Gerry Deyell, Q.C., Brock Gibson and Chad Schneider on securities and corporate matters and Wally Shaw on tax matters.