Hostile Takeover of Benson Petroleum Ltd. by Southward Energy

On January 8, 2001, Southward Energy Ltd. announced that it was offering to purchase all of the outstanding common shares of Benson Petroleum Ltd. on an unsolicited basis for a price of $2.65 per share. On February 15, 2001, Southward and Benson entered into an agreement for the acquisition by Southward of Benson at the price of $3.05 per share. The aggregate value of the transaction was approximately $94.5 million.

Benson Petroleum Ltd. and its independent committee of directors were represented by McCarthy Tétrault. Bruce L. MacPhail led the team, which included Karen L. Wiwchar, Annie Tétrault and Conni Gibson. Southward Energy Ltd. was represented by Macleod Dixon LLP. Kent Kufeldt led the team which included Robert Engbloom and Jamie Gagner (securities), Wayne Fedun and Robert Malcolm, Q.C. (oil and gas), Steven Leitl (litigation) and Jack MacGillivray (banking). Trish Fehr of Burnet, Duckworth & Palmer LLP represented Southward’s lenders. Richard A. Wilson, Q.C., acted as chair of the independent committee.


Patricia M. A. Fehr Bruce L. MacPhail Karen L. Wiwchar Jack C. MacGillivray Robert T. Malcolm Jamie L. Gagner Annie C. Belecki Steven H. Leitl Kent D. Kufeldt Wayne W. Fedun Conni M. Gibson