Unocal subsidiary acquires shares of Northrock Resources Ltd.; intends to exercise its right of compulsory acquisition
El Segundo, Calif., June 20, 2000 - Unocal Corporation (NYSE: UCL) today said that all of the conditions to the offer by its Unocal Canada Management Limited subsidiary to acquire all of the shares of Northrock Resources Ltd. that Unocal does not already own have been satisfied or waived by Unocal, and that Unocal has acquired 21.1 million Northrock shares under that offer.
The shares acquired by Unocal under that offer represent approximately 92 percent of the Northrock shares that were subject to the offer and bring Unocal's ownership of Northrock shares to 40.1 million, or approximately 96 percent of the outstanding Northrock shares.
Unocal has extended the offer to 9:00 p.m. (Calgary time) on June 30, 2000, pending confirmation of guaranteed deliveries made before the extension. When confirmations of those deliveries are provided, Unocal intends to exercise its statutory right of compulsory acquisition to acquire all of the remaining shares at the same price as those tendered to the offer. On completion of that process, Northrock's shares will be delisted from The Toronto Stock Exchange.
Updated: June 2000