Ulster Petroleums Ltd. (Ulster) mailed on April 18, 2000 a Director’s Circular to the company’s shareholders recommending that shareholders reject the hostile takeover bid made by Dallas-based Hunt Oil Company (Hunt) on April 10, 2000. In a joint anouncement on April 17, Ulster and Anderson Exploration Ltd. (Anderson) announced that they have entered into an agreement under which Anderson will make a superior offer for all of Ulster’s shares. The offer is expected to be made later in April, 2000.
Burnet, Duckworth & Palmer are acting for Ulster on the deal with a team led by Chris von Vegesack and Grant Zawalsky. Bennett Jones is representing Anderson with a team that includes Martin Lambert, Renée Ratke, Brad Markel and the firm’s new corporate department head, Vance Milligan. Davies, Ward & Beck are acting for Hunt on their bid with a team led by Shawn McReynolds and Patricia Olasker.