Bonterra Energy: Rises on rejecting Obsidian's takeover offer

Bonterra Energy

06/10/2020 16:20

** Shares of Canadian oil and gas co  BNE.TO  rise 5.5% to
C$1.16
    ** Bonterra Energy's board rejects Obsidian Energy Ltd's
 OBE.TO  "hostile" bid to acquire BNE, as the offer undervalues
its common shares  urn:newsml:reuters.com:*:nCNWmkTQza
    ** BNE says bid offered at a discount and does not provide
adequate value for shareholders; Adds the bid's lack of
financing plan creates significant shareholder risk and
uncertainty
    ** BNE says more than 30% of its shareholders have already
confirmed they will not tender to the bid
    ** Obsidian's bid offered two of its shares for each share
of Bonterra  urn:newsml:reuters.com:*:nL4N2FX3GA
    ** BNE has declined 70.6% so far this year

 (Reporting by Lasya Priya in Bengaluru)