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PetroMagdalena reports two independent proxy advisers recommend the arrangement with Pacific Rubiales


Published Jul 11, 2012
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PetroMagdalena Energy Corp.

Two leading independent proxy advisory firms, Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co., have recommended that securityholders of PetroMagdalena Energy Corp. (TSX-V: PMD) support the proposed acquisition of the Company by Pacific Rubiales Energy Corp..

ISS says in its report that a vote in favour of the transaction is warranted "considering the lack of superior offers, the cash consideration at a premium in a declining market as well as the overall market reaction."

Pacific Rubiales' offer represents a premium of 28% on PetroMagdalena's closing share price on June 4, 2012, the date before the proposed acquisition was made public.

Tags: PetroMagdalena Energy Inc.




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