Conditions scuttle Mart, Delta Oil transaction
LAGOS, (CAJ News) – CANADIAN energy company, Mart Resources, has announced the termination of an agreement that would have culminated in Delta Oil Nigeria purchase the firm.
Mart disclosed the deal, valued at CAD$124,92 million (some N18.7 billion), was off due to “prevailing market and industry conditions.”
The two companies have mutually agreed to terminate the arrangement agreement dated October 16.
“The Company and Delta have also mutually agreed that Delta will not proceed with the previously announced private placement of units, which was conditional upon shareholders first approving the Plan of Arrangement
set out in the Arrangement Agreement,” Mart stated on Monday.
Mart said it intended to continue to examine and consider strategic alternatives available to the company to maximise shareholder value. Last month, the Canadian firm had announced it had given additional time to
raise some to complete the transaction between the two companies.
– CAJ News
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