Husky Energy Acquires Outstanding Avid Oil Shares for $94M

In July 2001, Husky Energy Inc., through its subsidiary Husky Oil Operations Limited, completed the acquisition of all of the outstanding Class “A” common shares and Class “B” common shares of Avid Oil & Gas Ltd. which it did not already own. Avid Oil & Gas Ltd. was a TSE-listed junior oil and gas exploration and production company operating in western Canada. This acquisition was completed by way of takeover as an insider bid for a total cash consideration of approximately $94 million.

Borden Ladner Gervais LLP acted for Husky Energy Inc. with a team led by in-house counsel James Girgulis and James Cook, and comprised of Dan Kolibar, George Kelly and Diana Kenny (securities), Alan Nielsen and Julio Arboleda (corporate) and Colin MacDonald (competition). Harley Winger and Roger MacLeod of Burstall Winger LLP acted for Avid Oil & Gas Ltd.