UPDATE 1-Canada's Waterous raises bid for Osum Oil Sands

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

(Adds background, deal value)

Feb 18 (Reuters) – Private equity firm Waterous Energy Fund on Thursday raised its all-cash offer for a bigger stake of Canada’s Osum Oil Sands to C$3 per share, implying a deal value of C$171 million ($135 million), months after a previous offer was rejected.

Waterous said it now plans to buy 57 million shares of the oil and gas firm, higher than the 50 million it had offered to buy earlier at C$2.40 per share.

The new bid comes after Osum in December filed an application with the Alberta Securities Commission to halt the hostile bid for a majority stake in the company, arguing that the offer is “inadequate” and undervalues its assets.

Calgary-based Waterous Energy, which currently holds a 45% stake in Osum, said on Thursday its latest bid has the support of all five executive officers of Osum, including Chairman William Friley and Chief Executive Officer Steve Spence.

Source: Read Full Article