Shell Canada Ltd and BlackRock Ventures Inc. have announced that they have entered into an agreement whereby Shell Canada will make an all-cash offer to acquire all of the issued and outstanding shares of BlackRock by way of a take-over bid. The cash price will be USD 24.00 per share, valuing the transaction at CDN 2.4 billion on a fully-diluted basis. The offer represents a 27% premium over the 5 May closing price of USD 18.88 per share. The offer is subject to regulatory approvals and other customary conditions contained in the formal offer documents, including the tendering of at least two-thirds of BlackRock’s outstanding common shares on a fully-diluted basis.
