Shareholders voted in favour Wednesday of a proposal which will see privately held Strathcona buy them out in an all-stock deal, creating a combined company with an initial market capitalization of $8.6 billion.
"The arrangement will enable shareholders to participate in the upside of a much larger and more diversified producer with a well-positioned reserves base and much longer reserves life,'' said Gord Ritchie, board chair of Calgary-based Pipestone, in a release. "No one is creating deals like this,'' said Cole Smead, CEO and portfolio manager at Smead Capital Management, which owns shares in Pipestone and voted for the merger.
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