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Stocks in play: Frontera Energy Corporation
Announced that Parex Resources has submitted an acquisition proposal to Frontera’s Board of Directors to acquire all of Frontera’s Colombian upstream business in an all-cash offer for consideration of US$500 million, plus the assumption of debt, in addition to a contingent payment of US$25 million with terms that are substantially the same as the existing acquisition agreement previously announced. The Proposal represents a US$125 million premium compared to the existing acquisition agreement. Frontera Energy Corporation shares T.FEC are trading up $2.15 at $12.31.
