Greka Energy Corp. (Nasdaq: GRKA) chairman, chief executive officer and president Randeep S. Grewal is offering to acquire all of Greka's outstanding shares not already owned by him for $6.25 in cash each-a 69% premium to its pre-announcement closing price. CIBC World Markets Corp. rendered a fairness opinion to Greka's special committee of independent directors. The merger agreement was unanimously recommended by the special committee to the company's full board, and then was unanimously approved by the board. Grewal recused himself from the vote. If the transaction is completed, the company will become privately held. Greka's primary areas of activity are California and China.
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