Canaan to buy back shares from Indian Oil investors

The Journal Record | November 28, 2001| | Copyright

Canaan Energy plans to buy back more than 560,000 shares, or 11 percent, of its common stock from three former shareholders of Indian Oil, acquired by Canaan in October 2000.

Canaan officials said Chesapeake Energy had expressed interest in the stock and offered $12 per share, but Canaan exercised the right of first refusal and will instead buy the stock at the same price to prevent Chesapeake "from acquiring a significant equity position at a price which Canaan believes is below its fair value."

In Nasdaq trading Tuesday, Oklahoma City-based Canaan closed up 75 cents, or 9.87 percent, at ...

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