Geo-Jade takeover of Bankers receives Canadian approval

(ShareCast News) - Canadian company Bankers Petroleum's planned takeover by China-based Geo-Jade Petroleum Corporation was a step closer on Wednesday, with the arrangement receiving ministerial approval under the Investment Canada Act.Under the arrangement, Geo-Jade is to acquire all of the issued and outstanding common shares in Bankers, through a number of affiliates, at a cash price of CAD 2.20 per share."Completion of the arrangement is subject to the outstanding regulatory approval of the Chinese State Administration of Foreign Exchange," Bankers' board said in a statement."Bankers anticipates receipt of this approval in the coming weeks and closing of the arrangement to occur shortly thereafter in July."Once the arrangement is completed, Bankers shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange.