Following nearly two years of negotiations, Obsidian Energy has extended its offer to purchase all of the issued and outstanding common shares of Bonterra Energy Corp. to Jan. 25, 2021.
Obsidian Energy and Bonterra have been in talks regarding a merger since at least January 2019. Bonterra’s chairman and CEO previously expressed dissatisfaction with the proposal, stating the deal was too much in favor of Obsidian’s side, and the merger was delayed. This past September, Obsidian formally launched an offer to purchase all of the issued and outstanding common shares of Bonterra. The offer was open for acceptance until Jan. 4, 2021 before the recent extension.
Obsidian said the extension provides Bonterra shareholders an additional opportunity to fully evaluate the offer's ability to create a stronger company and recognize the positive impact of recent industry consoli
