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Article: Canada : Opti says takeover bid didn t spur strategic review.
- Article from:
- TendersInfo
- Article date:
- November 5, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: manish03
Opti Canada Inc , known for its stake in a major Alberta oil sands project, may put itself up for sale because the project is on track to start producing more reliably, not in response to any takeover bid, its chief executive said on Wednesday.
Opti's shares have been under pressure as output from the project, called Long Lake, has risen slower than expected. The company's high debt level was also a factor in its decision to hire financial advisers to help it examine strategic options, executives said.
"The process was not initiated in response to any specific inquiry or offer," CEO Christopher Slubicki said in a conference ...