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Former Suncor boss Rick George and his son Zachary led an unsuccessful proxy battle against Renegade’s board.
Former Suncor boss Rick George and his son Zachary led an unsuccessful proxy battle against Renegade’s board.
(TODD KOROL/REUTERS)

Renegade merges with fellow junior Alexander

Renegade Petroleum Ltd. has been rescued. Its saviour, however, has seen better days. It’s a small deal involving companies on Canada’s junior exchange, but there’s big players involved.

The small energy company agreed to a merge with Alexander Energy Ltd., in a deal that looks much like a takeover. Each Renegade share will be swapped for 2.25 shares of Alexander, according to an announcement released Tuesday. Based on Alexander’s five-day weighted average trading price, each Renegade share is worth the equivalent of $1.55. Renegade closed at $1 Monday.