* Total deal value C$77.8 mln, including debt *Exchange ratio equals C$0.4345/Challenger shr
* Deal at 36 pct premium June 19 (Reuters) - Canadian Superior Energy Inc SNG.TO on Friday said it would acquire all outstanding shares of oil and gas explorer Challenger Energy Corp (CHQ.V) for about C$77.8 million ($68.85 million), including debt.
Canadian Superior, a diversified energy company, said it would issue 0.51 share, or C$0.4345, for each Challenger share, which represents a premium of about 36 percent to Challenger's closing price on Thursday.
The deal value includes the assumption of about C$54.4 million in Challenger's net debt, the company said.
The company added the agreement prohibited Challenger from soliciting or initiating any discussion on other business combination or sale of assets.
The agreement, which provides for a mutual C$3 million termination fee, also allows Canadian Superior to match competing, unsolicited proposals for Challenger.
Canadian Superior shares closed at 82 Canadian cents Thursday on the Toronto Stock Exchange, while Challenger's stock closed at 32 Canadian cents on the Toronto Venture Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Kavita Chandran)