BY CLAUDIA CATTANEOCalgary Bureau Chief
Financial Post [email protected]
CALGARY • CIBCWorldMarkets, hired by Shell Canada Ltd. directors to evaluate a minority takeout bid from its parent, values its shares at between $42 and $48, a directors’ circular said yesterday.
A committee of directors, headed by Derek Burney , agreed to back a $45 price because it’s in the mid-range of the fair market value range determined by CIBC, they said in the circular.
In addition, the directors supported the $45 bid because it represents a substantial premium (37.2%) over the share price before Royal Dutch Shell PLC made its first bid, at $40, last October.
They also they took into account that the offer is in cash, that if it is unsuccessful the share price may decline significantly, and that “there is no practical prospect of a competing offer for the shares by a third party given.”
Several minority shareholders have said they are not likely to tender at $45 and that they are looking for at least $50.
The circular reveals Shell Canada’s directors repeatedly held out for more money from Royal Dutch and rejected tentative offers at $43.50, $44.50 and $44.75.
The two sides came to terms on Jan. 20, when Royal Dutch agreed to pay $45 on the condition that the directors recommended the transaction.
Shell Canada shares fell 5¢ yesterday to $44.82 on the Toronto Stock Exchange.
Last week, Royal Dutch chief executive Jeroen van der Veer said he was prepared to walk away from the bid if there isn’t enough support.
The bid is open untilMarch 16 and requires the support of 50% of the minority.
This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
