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by Stockwatch Business Reporter
West Texas Intermediate crude for October delivery added 29 cents to $39.60 on the New York Merc, while Brent for November added 28 cents to $41.72 (all figures in this para U.S.). Western Canadian Select traded at a discount of $10.85 to WTI, down from a discount of $10.65. Natural gas for October lost one cent to $1.83. The TSX energy index added a fraction to close at 68.56.
George Fink's Alberta Cardium-focused Bonterra Energy Corp. (BNE) edged down two cents to $1.19 on 17,200 shares, after telling its shareholders to ignore the hostile takeover bid from persistent suitor Obsidian Energy Inc. (OBE), unchanged at 54 cents on 14,900 shares. Obsidian has been publicly pursuing Bonterra for weeks. Yesterday it took the offer directly to shareholders with an official takeover circular filed under Bonterra's SEDAR profile.
When Obsidian first made its pitch in August, the offer -- two Obsidian shares for each Bonterra share -- valued Bonterra's stock at just $1.06, whereas the stock was trading at the time at $1.50. The gap between the offer price and the market price has since started to shrink. Unfortunately, the gap is closing mainly because Bonterra's share price is falling. At today's closing prices, the offer works out to $1.08 a share, relative to the market price of $1.19.
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