Home Board recommends Anderson offer.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--Aug. 30, 1995--HOME OIL COMPANY (TSE See Tokyo Stock Exchange.TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : HOC) Home Oil Company Limited announced today that its Board of Directors is unanimously recommending that shareholders of Home Oil tender their common shares to the offer made by Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic Exploration Ltd. to purchase all of the shares of Home Oil on the basis of 1.38 Anderson shares for each common share of Home Oil. On the recommendation of the Special Committee and the advice of ScotiaMcLeod Inc., the Board of Directors of Home Oil concluded that the Anderson offer, on a fully distributed Fully distributed A new stock issue that has been completely resold to the investing public and is no longer held by dealers. fully distributed Of or relating to a new issue of securities that has been sold out. basis, is the highest value offer currently available to shareholders and is fair from a financial point of view to Home Oil shareholders. Accordingly, the Board recommends that, in absence of the announcement of a higher bid or other developments, shareholders accept the Anderson offer. In reaching its conclusion, the Board relied, in part, on the fairness opinion Fairness Opinion A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition. Notes: A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition. provided by ScotiaMcLeod and on a detailed analysis of the businesses, assets, financial condition and prospects of Home Oil and Anderson. The Special Committee believes that there is a possibility that a higher value transaction, or other developments, may be announced prior to the expiry of the Anderson offer. Therefore, the Board also recommends that shareholders monitor any such announcement which may occur prior to the expiry of the Anderson offer. Both the Anderson offer and the $ 16.50 per share offer made by Amoco Canada Petroleum Company Ltd. are subject to certain conditions and both offers currently expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. on Thursday, September 7, 1995. A notice of change to previously issued directors' circulars is being mailed to shareholders today containing the reasons for the Board's recommendation and the full text of the fairness opinion of ScotiaMcLeod. CONTACT: Home Oil Company A. Monaco, 403/232-7239 |
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