March 27 (Reuters) - Valener Inc VNR.TO :
* VALENER AGREES TO BE ACQUIRED BY NOVERCO
* VALENER INC - PROPOSED DEAL FOR $26.00 PER COMMON SHARE IN CASH
* VALENER INC - CASH CONSIDERATION OF $25.00 PER PREFERRED SHARE
* VALENER INC - PROPOSED DEAL FOR TOTAL ENTERPRISE VALUE FOR VALENER OF APPROXIMATELY $1.2 BILLION
* VALENER INC - BOARD OF DIRECTORS OF VALENER UNANIMOUSLY APPROVED ARRANGEMENT
* VALENER INC - IF ARRANGEMENT AGREEMENT IS TERMINATED IN CERTAIN CIRCUMSTANCES NOVERCO IS ENTITLED TO A TERMINATION PAYMENT OF $30 MILLION
* VALENER INC - UNDER ARRANGEMENT, IT IS PROPOSED THAT PREFERRED SHARES WILL ALSO BE ACQUIRED BY NOVERCO