Total bid for UTS fails

French energy company Total has announced the expiry and termination of its offer to acquire UTS Energy for C$1.75 cash per share.

The offer expired at 8pm on April 27, 2009. The condition that just over 66% of UTS's common shares should be deposited under the offer had not been met.

Total made an unsolicited bid of C$1.30 per share for UTS on January 28, 2009. The UTS board rejected this bid, as well as the latest C$1.75 bid made on April 13, calling it "inadequate and not in the best interest of UTS".

Michael Borrell, president and CEO of Total Canada, said: "While we believed that our offer represented certainty and fair

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here