Bankers Petroleum Receives Certain Regulatory Approvals for Proposed Acquisition by Geo-Trade

Bankers Petroleum (TSX:BNK) has announced that the proposed transaction has received necessary approvals from the Albanian Competition Authority, the Chinese National Development and Reform Commission and Ministry of Commerce of the People’s Republic of China through the Shanghai Free Trade Zone Management Committee.
As quoted in the press release:

Benefits of the Arrangement include:

• Cash price of C$2.20 per Bankers common share;
• Bankers debt will be handled separately by the purchasing Company and will not affect the stated purchase price of $2.20 per Bankers common share;
• The Arrangement is an opportunity for shareholders to crystalize value representing a premium of 98% over Bankers’ closing share price on the TSX of C$1.11 on March 18, 2016, and 109% over the 30-trading day volume weighted average trading price of Bankers common shares of C$1.05 per share ending on March 18, 2016; and
• The Arrangement has received the unanimous approval of the Board of Directors of Bankers, who have recommended that shareholders vote in favor of it, and carries the full support of Bankers’ management team.

Click here for the full press release.