It will be interesting to see how this plays out and what is behind the termination of the plan. I wonder if there is some basic disagreement between Mike Meyers and Ilyas Chaudhary?
Jan 16, 2008 7:24:00 AM MST
Pyramid Petroleum calls off plan to acquire Capco subsidiary (Pyramid-Petroleum)
CALGARY _ Pyramid Petroleum Inc. (TSXV:PYR) of Calgary has called off a plan to take over a subsidiary of Capco Energy Inc. of Houston in a deal between related junior companies controlled by businessman Ilyas Chaudhary.
Pyramid said in a brief statement Wednesday that the termination of the plan was “due to change of business reasons.‘‘
Pyramid had announced its intention in June to take over all of Capco, which is controlled by Chaudhary, the CEO and major shareholder of Pyramid. That plan changed in September into a proposed $11-million acquisition of the Capco subsidiary with assets in the Gulf of Mexico.
I am only expressing my personal opinions or repeating public information from SEC filings or media outlets-which may or may not be correct. Do your own investigating before investing!
