Duvernay shareholders endorse Shell offer
Shareholders of Duvernay Oil Corp. voted strongly in favour of Royal Dutch Shell PLC's takeover offer, tendering 97.7 of their common shares as of early Friday.
Shell's bid for Calgary-based Duvernay is worth about $5.6 billion in cash. Shell said last month it will pay $83 a share for Duvernay, a conventional gas and oil exploration and production company.
Duvernay has properties in northeastern B.C. and northwestern Alberta. The company is relatively small, producing the equivalent of about 27,000 barrels of oil a day in May, mostly natural gas. Its first-quarter revenue was $55 million, net of royalties and a $40-million unrealized loss of financial instruments.
Shell said it will now exercise its statutory rights to compulsorily acquire the remaining Duvernay common shares that were not tendered to its offer.
The deal received regulatory approvals on Thursday.
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