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PGHEF - Pengrowth Shareholders Should Vote No To The Cona Resources Takeunder Bid
Pengrowth Energy Corporation
On November 1, Pengrowth Energy Corporation (PGHEF)(PGF.TO) announced a takeunder bid from Cona Resources for $0.05 CAD. This represented a discount of 75% to market prices at the time, and the stock immediately tanked by that amount to its current value of $0.05. While the company claimed that this deal represented the best outcome possible for all stakeholders, any shareholders who bought prior to this news are essentially wiped out. Given the questionable nature of this deal and pressure by management to get it done, I recommend that shareholders follow a scorched-earth policy