Obsidian Energy extends hostile takeover offer for Bonterra Energy to March 29

CALGARY -- Obsidian Energy Ltd. is extending its hostile takeover offer for Bonterra Energy Corp. until March 29.

The offer was set to expire today.

Bonterra has repeatedly recommended shareholders reject the bid.

Obsidian has offered two of its shares for each Bonterra share.

In December, Obsidian reduced the minimum number of tendered shares needed to complete the transaction to 50 per cent from two-thirds.

Obsidian has said a combined Obsidian-Bonterra could save $50 million in the first year and a total of $100 million in the first three years, however Bonterra has said those savings are "uncertain."

This report by The Canadian Press was first published Jan. 25, 2021.