ENMAX Acquisition Corp., an indirect wholly-owned subsidiary of ENMAX Corporation (collectively “ENMAX”), today announced that it is further extending the previously announced offer dated March 10, 2008, as amended, to purchase all of the issued and outstanding shares of Cordero Energy Inc. ("Cordero") (TSX: COR) for $4.75 cash per Cordero share until 4:30 p.m. (MST) on June 13, 2008. A notice of extension will be mailed to Cordero's shareholders.
ENMAX acknowledges that Ember Resources Inc. (“Ember”) has delivered a formal proposal to acquire all of the issued and outstanding shares of Cordero for consideration of 2.56 shares of Ember for each Cordero share. ENMAX has not received notification from Cordero that they view this to be a superior offer and ENMAX maintains that its fully-funded, all cash offer provides greater shareholder value than that of Ember’s proposal. Ember is significantly smaller than Cordero and has a 30-trading day weighted average trading price of $1.73/share – which would equate to an offer of $4.43/share, significantly lower than ENMAX’s current cash offer. A press release analyzing in detail the merits of ENMAX’s offer over Ember’s reverse take-over, non-cash offer to Cordero’s shareholders will be issued by ENMAX in due course.
Copies of the notice of extension (in both English and French) have been filed with various securities regulatory authorities in Canada and are available on the SEDAR website (www.SEDAR.com) under Cordero’s profile.
About ENMAX
ENMAX Corporation, through subsidiaries and predecessors, has provided Albertans with safe and reliable electricity for more than 100 years. ENMAX provides electricity, natural gas and value-added services to more than half a million residential, commercial and industrial customer accounts in Alberta. Through a subsidiary, ENMAX Energy is one of Alberta’s largest investors in renewable energy with partial ownership of the McBride Lake Wind Farm and complete ownership of the Taber Wind Farm. ENMAX Energy’s Greenmax was one of the first green power marketing programs in Canada, and celebrates its 10th anniversary in 2008. Visit our website at enmax.com.
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