Rio Alto Exploration Ltd. (Rio Alto) announced on June 12, 2000 that it had successfully completed a $140 million takeover bid for Renata Resources Inc. (Renata), an oil and gas exploration, development and production company. Under the bid, Rio Alto offered $0.77 in cash for each common share of Renata, or 0.0283 common shares of Rio Alto for each common share of Renata. Rio also agreed to assume Renata’s debt of $29.7 million as of March 31, 2000.
Rio Alto was represented by Burnet, Duckworth & Palmer with a team that included William Maslechko, Stephen Chetner and Grant Zawalsky. Acting for Renata was Robert Lehodey of Bennett Jones.