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BRIEF-Utica Resources Raises Offer To Buy Junex

Published 2018-07-31, 07:44 a/m
Updated 2018-07-31, 07:50 a/m
© Reuters.  BRIEF-Utica Resources Raises Offer To Buy Junex

July 31 (Reuters) - Junex Inc JNX.V :

* UTICA RESOURCES ANNOUNCES ENHANCED OFFER TO ACQUIRE JUNEX INC.

* UTICA RESOURCES INC SAYS HAS DELIVERED TO SPECIAL COMMITTEE OF BOARD OF DIRECTORS OF JUNEX INC A REVISED OFFER TO ACQUIRE JUNEX

* UTICA - BELIEVES THAT OFFER CONSTITUTES "SUPERIOR PROPOSAL" TO ARRANGEMENT AGREEMENT DATED JUNE 8, 2018

* UTICA RESOURCES INC SAYS UNDER TERMS OF REVISED OFFER FOR JUNEX, UTICA HAS PRESENTED JUNEX WITH TWO OPTIONS

* UTICA - DEAL CONSIDERATION OF CASH OPTION REPRESENTS PREMIUM OF 35.1% OVER DEEMED VALUE OF ABOUT C$0.37 PER JUNEX SHARE FOR CUDA DEAL

* UTICA RESOURCES - IN FIRST ALTERNATIVE OF REVISED OFFER, EACH SHAREHOLDER OF JUNEX WOULD RECEIVE, FOR EACH COMMON SHARE OF JUNEX HELD, C$0.50 IN CASH

* UTICA RESOURCES - ALTERNATIVELY, EACH SHAREHOLDER OF JUNEX WOULD TRANSFER TO CO HALF OF ITS JUNEX SHARES FOR C$0.55 IN CASH/JUNEX SHARE SO TRANSFERRED

* UTICA RESOURCES SAYS AS PER SECOND ALTERNATIVE, AT CLOSING OF TRANSACTION, EXISTING SHAREHOLDERS OF JUNEX WOULD OWN 50% OF JUNEX SHARES

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