The Financial Post reports in its Friday edition Pacific Rubiales has agreed to the joint bid by Alfa SAB, a Mexican conglomerate, and Harbour Energy, for $6.50 cash per share. A Bloomberg dispatch to the Post says the offer represents a premium of 39 per cent from the closing price on May 4, when talks became public. The agreement comes a day after a group of investors led by Alejandro Betancourt said it may buy more Pacific Rubiales stock to block the Alfa-Harbour bid. Alfa, which already owns 19 per cent of Pacific Rubiales, is seeking to expand in oil as its home nation opens production to foreign investment. Pacific Rubiales produces about 150,000 barrels a day mostly in Colombia and wants to bid for Mexican fields. The Alfa-Harbour offer price is 73 per cent below Pacific Rubiales's 2014 high, which was set before crude began to tumble. Pacific Rubiales expects to put the arrangement to a shareholder vote in early July and needs two-thirds of total votes and a simple majority of votes other than Alfa and its affiliates. A Venezuelan-led group O'Hara and partners, with 19.5 per cent, says it is studying all options, including a counteroffer and forming an alliance with other holders to block the Alfa bid.