Hostile and Friendly Takeovers on the Rise Again in a Reinvigorated M&A Market

FN Media Group Presents USA News Group News Commentary

VANCOUVER, BC, April 12, 2022 /PRNewswire/ -- A series of unpredictable moves by Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has led to speculation that the world's richest recorded person has opened the door to a hostile takeover of social media monolith Twitter Inc. (NYSE:TWTR). Beyond the potential for Musk to take decisive action, there are multiple other takeover bids and offers in place that represent premium prices for shareholders. These and other deals are driving overall M&A activity in the market back up, after a recent drop to pre-pandemic levels. Among these are a sizeable bid for energy tech developers Petroteq Energy, Inc. (OTCPK:PQEFF) by Viston United Swiss AG, a takeover offer by the billionaire Benetton family with Blackstone Inc. (NYSE:BX) of Italian infrastructure giant Atlantia SpA, and the $6.9-billion takeover of cyber security group SailPoint Technologies Holdings, Inc. (NYSE:SAIL) by Thoma Bravo.

Unlike the potential Musk/Twitter deal, a growing number of shareholders of Petroteq Energy, Inc. (OTC:PQEFF) are signalling their openness to a friendly takeover bid from clean technologies investment firm Viston United Swiss AG, which has an April 14^th deadline.

At C$0.74 (US$0.59) per common share, Viston's offer gives Petroteq a valuation of 279% over the closing price of C$0.195 on the TSX-V August 6, 2021—the day prior to the Canadian exchange's cease trade order began.

This valuation also delivers a 1,032% premium over the TSX-V volume-weighted average price of $0.065 per common share for the 52-week period preceding April 15, 2021—the last trading day prior to the publication of the voluntary purchase offer in Germany.

From the top down, it appears that Viston's offer has been favorably received by the entire Petroteq team. This includes unanimous intention to tender shares from the Board of Directors, the company's Founder, Former Chairman and CEO Alex Blyumkin, and one of the company's largest shareholders, Cantone Asset Management, LLC.

"After thorough consideration of all aspects of the Viston Offer, the advice provided by Haywood and consulting with its other advisors, the Board has unanimously determined to recommend that Shareholders accept the Viston Offer and tender their Common Shares," said the Board in their official statement.