The increased offer price represents a premium of approximately 32% over the closing price of C$7.79 for the common shares on the last trading day prior to the announcement of the original offer.
As a result of the increase of the offer price, Total E&P Canada has entered into lock-up agreements with DE Shaw Laminar Portfolios and Wellington Management Company, which collectively own approximately 23% of the outstanding common shares in Synenco Energy.
Pursuant to the lock-up agreement with Total E&P Canada, the two companies have agreed to tender to the offer and not withdraw, except in certain limited circumstances, all of their common shares.
All Synenco shareholders who tender their common shares to the offer will receive the increased price for their common shares in the event that Total E&P Canada takes up common shares under the offer.
The board of directors of Synenco has unanimously determined that the offer, as amended, is fair to Synenco shareholders and is in the best interests of the company, and has recommended to its shareholders that they accept Total’s offer, as amended.
