On November 15, 2000, Calpine Corporation (Calpine), a California-based independent power company with a market capitalization in excess of US$10 billion, purchased the 96.5 per cent of TriGas Exploration Inc. (TriGas) shares tendered in response to Calpine’s cash offer of C$3.20 per share. The terms of the offer were defined in a Pre-Acquisition Agreement signed on October 14, 2000, between Calpine and TriGas, a TSE listed gas exploration company with properties located near Calgary, Alberta. The value of the offer, including assumed indebtedness, was C$159 million.
Representing Calpine were Thomas E. Hirst, Q.C. (corporate), Andy Love and Shane Willoughby (m&a, securities), James McKee (tax), Daniel Baxter and Marc Adler (banking) and Thomas Valentine (employment) of Macleod Dixon LLP. Acting for TriGas in the transaction were Martin Lambert, Noralee Bradley, Christopher Skelton and Joanne Rowe (corporate), and Darcy Moch and D. Alan Ross (tax) of Bennett Jones LLP.