Pacific Exploration & Production Shareholders Move to Block Buyout Bid
April 08 2016 - 8:52PM
Dow Jones News
By Sara Schaefer Muñoz
BOGOTA--Shareholders of troubled Canadian-Colombian oil firm
Pacific Exploration & Production Corp. have asked Colombia's
markets regulator to block a possible buyout deal they say favors
management over investors, heating up the battle over the
struggling company's assets.
Led by O'Hara Administration Co., which owns a 20% stake in
Pacific, the shareholder group filed a formal complaint with the
regulator, alleging that an offer by private-equity fund Catalyst
Capital Group in Toronto benefits Pacific's co-chairmen but leaves
shareholders with nothing, according to two people familiar with
the talks.
Pacific Exploration, which is listed on the Toronto Stock
Exchange but has most of its assets in Colombia, has been hit hard
by falling oil prices and a lack of new discoveries.
In addition to Catalyst, Pacific has received offers from
Mexican conglomerate Alfa SAB de CV and U.S. energy investment firm
EIG.
A committee appointed to review offers will present its
recommendations Sunday and is expected to back the Catalyst bid,
these people said.
(END) Dow Jones Newswires
April 08, 2016 20:37 ET (00:37 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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