UTS may get sweeter bid from Total (Dealscape

French oil giant Total SA has sweetened its unsolicited bid for UTS Energy Corp. to C$1.75 per share, or about C$838.6 million ($690.7 million), from a previously rejected C$1.30 per share, or roughly C$622.95 million ($513.1 million), offer. But observers say Monday's revised bid may not be sweet enough.

Total's shares have traded at a negative spread since UTS made its initial offer on Jan. 28, soaring 116% to close at C$1.80 the day the offer was first announced. Since then, shares have not closed below C$1.58 and topped C$1.81 Monday, up about 0.5% for the day.

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NOT A SUBSCRIBER? UTS may get sweeter bid from Total Posted on April 15, 2009 7:34 AM French oil giant Total SA has sweetened its unsolicited bid for UTS Energy Corp. to C$1.75 per share, or about C$838.6 million ($690.7 million), from a previously rejected C$1.30 per share, or roughly C$622.95 million ($513.1 million), offer. But observers say Monday's revised bid may not be sweet enough. Total's shares have traded at a negative spread since UTS made its initial offer on Jan. 28, soaring 116% to close at C$1.80 the day the offer was first announced. Since then, shares have not closed below C$1.58 and topped C$1.81 Monday, up about 0.5% for the day. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline. 762 in-depth reports of M&A deals in the Energy sector 183 articles related to Total SA 48 company pages related to Total 17 articles related to UTS Energy Corp. 10 years of news and analysis archives from the voice of The Deal Economy Most searched keywords Deutsche Bank Birds Eye Cadbury AG Agrium Inc. Skadden Arps Revolution Money Tandberg ASA Aisling Capital Ken Lewis Natco		EXISTING USERS Username Password Forget your password? Missing a product?

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