On the morning of June 18, Baytex Energy Corp. announced it plans to merge with Raging River Exploration Inc. in an all-stock deal.
Investors panned the plan. After the announcement, Baytex Energy shares fell as much as 17 per cent before partially recovering.
However, as the shares slid, insiders started to buy. Altogether, Baytex Energy has seen $623,602 worth of public-market insider buying since the merger news. One of the buyers was CEO Edward LahFehr. He picked up 23,500 shares on June 22 at $4.27.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.