In spite of investors edging up shares of Canaan Energy Corp., Chesapeake Energy Corp.’s hostile takeover bid of ought to go through at its current price, said one analyst. In a back-and-forth story of aggression and retreat, Chesapeake launched its $12-per-share, or $59 million, tender for fellow Oklahoma City-based oil-and-gas firm on March 11, expressing in a press release impatience with Canaan’s management for refusing to negotiate.
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