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Cordero pulls offer of dividend after Enmax bid fails

Fri Jun 27, 2008 9:54pm EDT

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TORONTO, June 27 (Reuters) - Cordero Energy Inc COR.TO said on Friday it would not pay a special dividend to shareholders after Enmax Corp failed in its bid to acquire the Canadian independent exploration and development company.

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Cordero had promised to pay a special dividend of 45 Canadian cents to its shareholders if the deal was finalized by June 27.

Enmax was offering C$4.75 a share for Cordero. With the dividend added the offer was worth C$5.20 a share.

Earlier this week, Ember Resources Inc (EBR.TO) stepped up the bidding war when it presented a binding offer of C$5.50 per Cordero share after it sweetened its bid earlier this month.

Cordero said the deal for Enmax to acquire all Cordero common shares expired without Enmax taking up and paying for Cordero shares. ($1=$1.01 Canadian) (Reporting by Scott Anderson; editing by Carol Bishopric)

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