Los Angeles-based Unocal Corporation announced on May 19, 2000 that its subsidiary, Unocal Canada Resources (Unocal), has made a takeover bid to acquire the 52 per cent of Calgary-based Northrock Resources Ltd. that it does not already own. The insider bid was made at an offer price of $10.10. The value of the offer, based on the 23 million (fully-diluted) Northrock common shares not already owned by Unocal, was $235 million.
Glenn Cameron and Leland Corbett of Stikeman Elliott’s Calgary office acted for Unocal. McCarthy Tétrault acted for Northrock, with David Phillips, Crispin Arthur and Mark Eade being the principal McCarthy lawyers on the file. Christopher Nixon of Osler, Hoskin & Harcourt LLP acted for the Northrock special committee.