NEW YORK (Thomson Financial) - Shares of Duvernay Oil Corp. soared to a new
high Monday after the company said it agreed to be bought by Shell Canada
Limited for C$83 a share.
The stock rose 41% to C$82.50. It touched an intraday high of C$82.69,
representing a new high for the shares.
The total value of the deal is C$5.9 billion. The per-share price represents
a premium of 42% to Duvernay's Friday closing price of C$58.44.
The officers and directors of Duvernay, who hold about 18.1% of the issued
and outstanding shares of the company, have agreed to tender their shares in the
deal.
Ryan Vlastelica
rv/vj
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