Bonterra Energy announces rival bid for Spartan Oil
* Bid could derail Pinecrest Energy's planned takeover
* Bonterra offers about C$441 million
* Unsolicited bid values Spartan at C$4.96 a share
* Spartan shares up 3 pct at C$4.88
TORONTO, Dec 11 (Reuters) - Bonterra Energy Corp said on Tuesday it offered about C$441 million ($447 million) to buy Spartan Oil Corp, a move that could derail Pinecrest Energy Inc's planned takeover of Spartan.
Calgary-based Bonterra said its proposed deal would offer strong strategic value to shareholders of both companies, as the combined company would have one of the premier light-oil assets around the Pembina region in the western Canadian province of Alberta.
Bonterra is offering shareholders in Spartan 0.1169 of a Bonterra share for each Spartan share held. Based on Spartan's closing price on Monday, the unsolicited bid values the company at C$4.96 a share or C$441.4 million.
"While negotiations are ongoing, a binding agreement has not yet been signed. Therefore there can be no assurance that any transaction will result from these discussions," Bonterra said in a statement.
Pinecrest agreed last month to acquire Spartan in a bid to raise its output from reserves in Alberta and Saskatchewan. The bid is currently worth about C$4.44 or C$394.4 million. Continued...