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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