05:16 PM EDT, 10/29/2025 (MT Newswires) -- Parex Resources ( PARXF ) said Wednesday it submitted a proposal to acquire the South American petroleum producer GeoPark ( GPRK ) for US$9.00 per share in cash, an offer valuing the company at US$940 million including debt, after an similar offer made in September was ignored by the company's board.

The company said the offer is a 44% premium to GeoPark's ( GPRK ) share price at the time of the proposal, a 51% premium to its Oct. 21 close, and a 38% premium to the stock's 90-day volume-weighted average price as of Oct. 28, Parex, a Calgary-based oil and gas company that focuses primarily on Colombian assets, said.

Following the proposal's rejection by GeoPark's ( GPRK ) board, Parex acquired an 11.8% ownership stake in the company, just below the threshold of GeoPark's ( GPRK ) shareholder rights plan adopted in June. The stake gives Parex the ability to call a special meeting of GeoPark ( GPRK ) shareholders.

Chief executive Imad Mohsen said the all-cash premium offer would provide "immediate and compelling value" and shield GeoPark ( GPRK ) shareholders from risks tied to the company's recent Argentina investment.

Parex said GeoPark's ( GPRK ) board has not provided a convincing rationale for rejecting the offer.

Parex said it remains ready to engage with GeoPark ( GPRK ) to finalize a transaction.

Parex shares closed $0.04 lower at $18.52 on the Toronto Stock Exchange, while GeoPark ( GPRK ) surged 16%, or US$1.08, to US$7.68 in U.S. after-hours trading.