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All Penny News: Vetra Looking to Steer Suroco Shareholders Away from Petroamerica Merger


Mississauga, ON -- (SBWIRE) -- 06/10/2014 -- Media, Inc. ( announces its latest article titled “Vetra Looking to Steer Suroco Shareholders Away from Petroamerica Merger.”

Companies mentioned in this article include Suroco Energy Inc. (TSX-Venture:SRN) and Petroamerica Oil Corp. (TSX-Venture:PTA).

Article Excerpt:

Merger and acquisition offers have been flying around this month, including lunchmeat maker Hillshire Brands having to keep its head on a swivel to keep pace with leapfrogging offers by Tyson Foods and Pilgrim’s Pride Corp. Pilgrim’s Pride finally removed itself from the equation on Monday, backing down after Tyson offered $63 per share to acquire Hillshire, a 40 percent premium to where Pilgrim’s Pride started the bidding about two weeks earlier. On Tuesday, Botox maker Allergan officially rejected the most recent bid of about $52.7 billion by Valeant Pharmaceuticals to acquire it; saying the bid undervalues the company and is not in the best interest of its shareholders.

In some smaller M&A activity, privately-held Vetra Acquisition Ltd., a subsidiary of VETRA Holding S.a.r.l., said after Monday’s closing bell that it would pay 60 cents per share in cash, or about $80 million, to acquire Suroco Energy Inc. (TSX-Venture:SRN). Vetra calls this offer “compelling and superior” to the proposed takeover offer by Calgary-based Petroamerica Oil Corp. (TSX-Venture:PTA) announced on April 28 comprised of a share swap that values Suroco at 57.3 cents per share. That agreement was expected to be concluded this month.

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