Kabe Exploration Inc. Receives Tender Offer from International Equity Partners Oil & GasWednesday, July 17, 2013
Kabe Exploration Inc., a San Diego oil and gas exploration company, said it received a tender offer from International Equity Partners Oil & Gas to acquire all of Kabe’s common shares in a two-for-one share exchange.
The exchange ratio is based upon a share valuation of 15 cents per International Equity Partners shares which are Canadian Depository Receipts now offered at $3.27 in U.S. dollars in the European private placement market, the company said.
Kabe, whose shares trade on the Over the Counter Bulletin Board under KABX, said its management team would be retained as an integral part of the vision plan for Kabe. The company said it has until July 28 to hold a board meeting and decide whether to accept the tender offer and put the matter to shareholders for a proxy vote.
The transaction would be considered a merger and is expected to strengthen the balance sheet of Kabe, and increase shareholder value, the company said.
Kabe’s stock closed July 15 at a penny giving the company a market capitalization of $1.85 million, according to Yahoo Finance.
— Mike Allen