Longview Oil (T.LNV) considers takeover offer from mystery bidder

Canadian Press, The Canadian Press
1 Comment| February 10, 2014


CALGARY - Longview Oil Corp. (TSX:T.LNV, Stock Forum) is reviewing an unsolicited, non-binding takeover offer from an unidentified public company.

Longview provided few details except that the prospective bidder would pay for the deal with its own shares.

The company says it has set up a special committee to review the proposal and also adopted a shareholder rights plan.

The rights plan is a defensive move to provide Longview's board with time to evaluate the offer and alternatives.

The overture comes at a time when Longview is preparing to become independent of its largest shareholder.

Advantage Oil & Gas Ltd. (TSX:T.AAV, Stock Forum) said last week that it would sell its 45 per cent stake in Longview for $94.1 million by the end of February.

They also agreed to terminate a technical services agreement in which Advantage provided the personnel to manage Longview's business.



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Nawaralsaadi
I hold 3.4% of Longview outstanding shares, and I would be supportive of a deal in the $6s range, it worth noting LNV traded as high as $6.75 a recently as Sept. 2013. LNV has not been run efficiently over the last few years and if the buyer is a credible E&P company, I believe many shareholders would commit to the deal.
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February 10, 2014
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