Chinese investors acquire Long Run Exploration
June 29, 2016
On December 21, 2015, Long Run Exploration announced that it had accepted an offer from a group of Chinese investors to acquire the shares of the company for C$770 million. The deal involved an incredibly high premium of 215% on the equity and 257% on the unsecured debentures.
Long Run Exploration is a Canada-based intermediate oil and natural gas company. The Company is engaged in development, exploration and production of crude oil and natural gas in the Western Canadian Sedimentary Basin.
McCarthy Tetrault advised the Chinese investors with a group that was led by Jim Pasieka, and consisted of Mike Bennett, Xiaodi Jin, Nathan Montgomery, Melissa Colborne and Elaine Sun (Corporate M&A Dept. - Calgary), Ron Mar (Tax – Calgary ) and Oliver Borgers, and Jonathan Bitran (Investment Canada Act -Toronto).