Conoco Canada Completes Tender Offer for Gulf Indonesia; Announces Expiration of Subsequent Offering Period.Business Editors CALGARY, Canada & JAKARTA, Indonesia--(BUSINESS WIRE)--July 31, 2002 Conoco Canada Resources Limited, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Conoco Inc. (NYSE NYSE See: New York Stock Exchange : COC See chip on chip. ), and Gulf Indonesia Resources Limited (NYSE: GRL GRL Girl GRL Greenland (ISO Country code) GRL Geophysical Research Letters GRL Air Greenland (ICAO code) GRL global reach laydown (US DoD) GRL Grain Length ) announced today that the subsequent offering period of Conoco Canada's tender offer (the "Offer") for all the outstanding shares of Gulf Indonesia not owned by Conoco Canada expired at 6:00 p.m. New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of time on July 30, 2002. During the subsequent offering period, 6,117,210 shares of Gulf Indonesia were tendered in the Offer and not properly withdrawn. The shares tendered during the subsequent offering period, together with the Gulf Indonesia shares purchased by Conoco Canada following the initial offering period, represent 97.1% of the total number of outstanding shares of Gulf Indonesia not owned by Conoco Canada. Shareholders of Gulf Indonesia who tendered their shares during the subsequent offering period received the same U.S.$13.25 per share cash consideration paid to shareholders who tendered during the initial offering period. All remaining shares of Gulf Indonesia not tendered into the Offer will be promptly acquired by Conoco Canada pursuant to a compulsory acquisition effected under the laws of New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , Canada. As a result of the compulsory acquisition, Gulf Indonesia will become a wholly owned subsidiary of Conoco Canada. Holders of shares of Gulf Indonesia who have not tendered their shares in the Offer will receive the same U.S.$13.25 per share in cash in the compulsory acquisition unless they exercise dissent rights. JPMorgan and Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. are acting as dealer-managers to Conoco and Conoco Canada in connection with this transaction. In addition, Innisfree M&A Incorporated is acting as information agent in connection with this transaction. Gulf Indonesia Resources Limited, headquartered in Jakarta, Indonesia, is an upstream oil and gas company. Conoco Canada Resources Limited is a Canadian based exploration and production company with primary operations in Western Canada, Indonesia, the Netherlands and Ecuador. Conoco Inc. is a major, integrated energy company active in more than 40 countries. |
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