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Another suitor, Anderson Exploration Ltd. of Calgary, has emerged for Home Oil Co., also of Calgary. Home Oil is the target of a hostile takeover bid by Amoco Corp. of Chicago.
On June 27, Amoco offered $16.50 a share in Canadian currency for all of Home’s 45.8 million outstanding shares, or $555 million in U.S. dollars at the current exchange rate. Home Oil rejected the offer and solicited others.
Anderson’s offer Friday was for $18.12 (Canadian) a share, or $609 million. Home Oil has 10 days to consider the new offer.
An Amoco spokesman said the company is aware of the Anderson offer and is “assessing our position.”
