Pacific Rubiales Energy has received a joint takeover approach from Mexican conglomerate Alfa Sab de CV and Harbour Energy.
Alfa and Harbour have agreed to acquire the Canadian firm for $6bn, including debt.
The Toronto-based compnay has confirmed the offer, wherein the potential buyers offered to “acquire all of the issued and outstanding common shares” in Pacific, “not owned by Alfa” for a price of $6.50 apiece.
The firm, whcih is the largest independent oil and gas producer in Latin America, produces natural gas and crude oil at 90 exploration and production blocks in seven countries: Colombia, Brazil, Peru, Guatemala, Guyana, Papua New Guinea and Belize.
It has lost approximately 71% over the past six months, amid the decline in oil price.