Frontera Energy Corporation, listed in Toronto, announced a superior bid acceptance from Parex Resources for its Colombian assets. This move supersedes a previous offer from GeoPark.
GeoPark had earlier agreed to acquire Frontera's Colombian operations for $375 million. However, Parex proposed $500 million, including debt assumption and a possible contingent payment, compelling Frontera to reconsider.
If Frontera and Parex reach an agreement, GeoPark stands to receive a $25 million penalty fee. GeoPark has until March 12 to amend its prior agreement terms.
Frontera's Colombian Asset Bidding War: Parex vs. GeoPark
Source: Viral Trending Buzz
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