Total bid for UTS fails
French energy company Total has announced the expiry and termination of its offer to acquire UTS Energy for C$1.75 cash per share.
The offer expired at 8pm on April 27, 2009. The condition that just over 66% of UTS's common shares should be deposited under the offer had not been met.
Total made an unsolicited bid of C$1.30 per share for UTS on January 28, 2009. The UTS board rejected this bid, as well as the latest C$1.75 bid made on April 13, calling it "inadequate and not in the best interest of UTS".
Michael Borrell, president and CEO of Total Canada, said: "While we believed that our offer represented certainty and fair
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