The regulatory approval process for the acquisition of i3 Energy Plc by Gran Tierra Energy Inc. has advanced significantly. On August 19, 2024, both companies’ boards had announced a final cash and share offer agreement under Rule 2.7 of the City Code on Takeovers and Mergers. The latest update confirms that an advance ruling certificate under Canada’s Competition Act has been obtained, meeting one of the critical conditions for the acquisition. However, several conditions remain, including the approval of i3 Energy shareholders, court sanction, and other regulatory consents. The full terms and conditions will be detailed in the Scheme Document expected to be published soon. Gran Tierra has also stated that the financial terms of the acquisition will not be increased unless a third party proposes a more favorable offer or the Panel provides its consent for revisions.
Oil and Gas Exploration and Production, Legal and Regulatory Compliance,Canada, United Kingdom, Alberta, Canada
https://www.globenewswire.com/news-release/2024/08/27/2936660/0/en/Update-on-Regulatory-Conditions-for-Acquisition-of-i3-Energy-Plc.html