Pipestone Energy’s stakeholder GMT Capital to vote against Strathcona all-stock deal

As per the all-stock deal, which is expected to close in October, Pipestone shareholders will receive 9.05 per cent of the pro forma equity in the combined company, with existing Strathcona shareholders owning the rest.

Investment firm GMT Capital, which holds a 13.47 per cent stake in Pipestone, according to LSEG data, said the buyout deal undervalues Pipestone Energy’s common shares. The acquisition requires approval from two-thirds of Pipestone shareholder votes cast at a meeting in September.As of last close, Pipestone’s shares have fallen 8 per cent since the deal was first announced on Aug. 1. Stock is up 3.6 per cent at $2.61 in afternoon trading.Tickers mentioned in this storyYour Globe

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Oil prices tick up as markets zoom in on supply tightnessOil prices edged higher on Thursday, after dipping slightly in the previous session, as markets refocused on expectations of tight crude supply for the rest of 2023. International benchmark Brent futures climbed 17 cents to $92.05 a barrel at 12:02 GMT, while U.S. West Texas Intermediate crude (WTI) rose 19 cents to $88.71. Saudi Arabia and Russia's extension of oil output cuts to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next.
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