March 21 (SeeNews) - Canada's Bankers Petroleum [TSX: BNK, AIM: BNK], an oil and gas exploration and production company operating in Albania, has entered into a definitive acquisition agreement worth 575 million Canadian dollars ($440.2 million/391.6 million euro) with affiliates of Chinese exploration and production corporation Geo-Jade Petroleum.
Geo-Jade Petroleum Corporation will buy out all Bankers shares at the price of 2.20 Canadian dollars per share, the Canadian company said in a press release on Sunday.
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The proposed transaction price is nearly double Bankers' close price per share on Friday, which was 1.11 Canadian dollars.
Provided the arrangement is approved at the shareholder's meeting in the end of May and necessary regulatory approvals are obtained, the deal will be closed by the end of June.
After the transaction, the buyer will seek to delist Bankers' from the Toronto stock exchange and the Alternative Investment Market AIM in London.
Bankers Petroleum generates all of its oil revenue in Albania, where it operates and has the full rights to develop the Patos-Marinza oilfield, has a 100% interest in the Kucova oilfield, and a 100% interest in Exploration Block "F" - all of them situated in the southwestern part of the country. In 2015 the company's average production was 19,384 barrels of oil per day.
Geo-Jade is listed in Shanghai Stock Exchange with a market capitalization larger than 3.6 billion Canadian dollars. Its main assets are located in Central Asia, North America and China.
(1 euro = 1.46817 Canadian dollars)