Canadian Superior Energy Inc., Calgary, (Toronto; Amex: SNG) has made a counter bid for Canada Southern Petroleum Ltd. (Toronto: CSW; Nasdaq: CSPLF) for C$9.35 (US$8.46) per share in cash and stock, or approximately C$141 million (US$127.6 million) total. Canada Southern would receive 2.75 Canadian Superior shares and C$2.50 (US$ 2.26) cash for each outstanding Canada Southern share. The deal follows the recent offer by Petro-Canada, Calgary, (NYSE: PCZ; Toronto: PCA) for C$8.25 (US$7.50) per share, which Canada Southern board members rejected.
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